The 50-share NSE Nifty, which opened higher at 10,612.85 gained momentum in the later part of the session. The index hit an intraday high of 10,723.05, before closing above its crucial 50-DEMA. It ended the first session of July series at 10,714.30, up 125.20 points or 1.18 percent.
The index witnessed a strong reversal from the bearish trend made in last two trading sessions but for bulls to take control, the index needs to close above 10,785 in the coming session for confirmation, experts said.
India VIX fell down by 7.26 percent at 12.93 levels. On the option front, maximum Put open interest (OI) was seen at 10,600 followed by 10,500 strike while maximum Call OI was at 11,000 followed by 10,800 strike.
According to Pivot charts, the key support level is placed at 10,643.4, followed by 10,572.5. If the index starts moving upwards, key resistance levels to watch out are 10,754.1 and 10,793.9.
The Nifty Bank index closed at 26,364.2 on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 26,282.0, followed by 26,199.8. On the upside, key resistance levels are placed at 26,455.7, followed by 26,547.2.
Here are the top stock trading ideas which can give good returns in the near term:
Dinesh Rohira of 5nance.com
Buy Kolte-Patil Developers with target at Rs 302 and stop loss at Rs 261
Buy Edelweiss Financial Services with target at Rs 313 and stop loss at Rs 280
Sell Shriram Transport Finance with target at Rs. 1,248 and stop loss at Rs 1,320
Rajesh Agarwal of AUM Capital
Buy Cipla with stop loss at Rs 604 and target of Rs 632
Buy Colgate Palmolive with stop loss at Rs 1165 and target of Rs 1208
Buy Tata Motors with stop loss at Rs 261and target of Rs 279
Buy Chennai Petroleum Corporation with stop loss at Rs 295 and target of Rs 315
Buy Bandhan Bank with stop loss at Rs 521 and target of Rs 535
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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.
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