The Nifty opened above its previous closing levels at 10,668.60 but the correction in Asian peers forced it to hit an intraday low of 10,630.25. The follow through buying and recovery in Asian counterparts then helped it regain strength in the morning itself to hit an intraday high of 10,713.30 before it finally closed 42.60 points higher at 10,699.90.
India VIX fell down up by 2.77 percent at 13 levels. Lower volatility indicates limited downside and decline is being bought.
According to Pivot charts, the key support level is placed at 10,648.97, followed by 10,598.03. If the index starts moving upwards, key resistance levels to watch out are 10,732.07 and 10,764.23.
The Nifty Bank index closed at 26,204.1 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,125.37, followed by 26,046.63. On the upside, key resistance levels are placed at 26,299.47, followed by 26,394.83.
Here are the top stock trading ideas which can give good returns in the near term:
Shitij Gandhi of SMC Global
Buy Seamec with target at Rs 307 and stop loss at Rs 249
Buy Berger Paints with target at Rs 315 and stop loss at Rs 265
Buy Jyothy Laboratories with target at Rs 271 and stop loss at Rs 215
Rajesh Agarwal of AUM Capital
Buy Aurobindo Pharma with stop loss at Rs 612 and target of Rs 645
Buy Bandhan Bank with stop loss at Rs 545 and target of Rs 575
Buy Marico with stop loss at Rs 335 and target of Rs 349
Buy Exide Industries with stop loss at Rs 257 and target of Rs 269
Buy Just Dial with stop loss at Rs 555 and target of Rs 583
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