The 50-share NSE Nifty after opening at 10,786.05, which was also an intraday high, traded in a range of 60 points throughout the session and hit a day's low of 10,726.25, before closing 20.10 points lower at 10,749.80.
The consolidation indicates that index could move on either side but today's positive move in the Bank index suggested that banks may help Nifty reclaim 10,800 soon, experts said.
India VIX fell 0.41 percent to 12.60 levels. Lower volatility indicates limited downside and decline is being bought in the market.
According to Pivot charts, the key support level is placed at 10,722, followed by 10,694.2. If the index starts moving upwards, key resistance levels to watch out are 10,781.8 and 10,813.8.
The Nifty Bank index closed at 26,503.30, up 69.35 points. The important Pivot level, which will act as crucial support for the index, is placed at 26,412.87, followed by 26,322.43. On the upside, key resistance levels are placed at 26,596.07, followed by 26,688.84.
Here are the top stock trading ideas which can give good returns in the near term:
Hadrien Mendonca of IIFL
Buy ACC with target at Rs 1,508 and stop loss at Rs 1,335
Buy Hindustan Unilever with target at Rs 1,800 and stop loss at Rs 1,635
Buy Asian Paints with target at Rs 1,413 and stop loss at Rs 1,271
Rajesh Agarwal of AUM Capital
Buy Yes Bank with stop loss at Rs 339 and target of Rs 359
Buy Ambuja Cements with stop loss at Rs 203 and target of Rs 213
Buy Mahindra & Mahindra with stop loss at Rs 895 and target of Rs 933
Buy Housing Development Finance Corporation with stop loss at Rs 1900 and target of Rs 1965
Buy CESC with stop loss at Rs 898 and target of Rs 924
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