Moneycontrol News
The 50-share NSE Nifty recouped early losses and traded higher for a major part of the session but failed to hold 10,800 levels on Tuesday. The index traded in a range of about 70 points and made a small bullish candle on the daily charts which also resembles a 'Shooting Star' kind of pattern with a long upper shadow.
The Nifty index opened at 10,742.70 and slipped to an intraday low of 10,732.55 but then bulls took charge and pushed the index back above 10,750. The index made an intraday high of 10,805.25 before closing the day 6.70 points higher at 10,769.15.
India VIX moved up by 1.73 percent at 12.80 levels. On the options front, maximum Put open interest (OI) is at 10,700 followed by 10,600 strike while maximum Call OI was at 11,000 followed by 10,800 and 10,900 strike.
According to Pivot charts, the key support level is placed at 10,732.73, followed by 10,696.27. If the index starts moving upwards, key resistance levels to watch out are 10,805.43 and 10,841.67.
The Nifty Bank index closed at 26,601.7 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,483.4, followed by 26,365.1. On the upside, key resistance levels are placed at 26,716.3, followed by 26,830.9.
Here are the top stock trading ideas which can give good returns in the near term:
Shitij Gandhi of SMC Global Securities
Buy Muthoot Finance with target at Rs 1,145 and stop loss at Rs 945
Buy Greaves Cotton with target at Rs 153 and stop loss at Rs 128
Buy Filatex India with target at Rs 239 and stop loss at Rs 195
Rajesh Agarwal of AUM Capital
Buy Hexaware Technologies with stop loss at Rs 452 and target of Rs 475
Buy Bata India with stop loss at Rs 830 and target of Rs 864
Buy Asian Paints with stop loss at Rs 1260 and target of Rs 1293
Sell Shriram Transport Finance with stop loss at Rs 1455 and target of Rs 1415
Sell Repco Home Finance with stop loss at Rs 553 and target of Rs 531
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
