The Nifty, which started on a flat note on Friday, gained momentum and reclaimed its crucial resistance level of 10,800, but last hour selling saw it close at 10,772.
The index formed a ‘Shooting Star’ kind of pattern on the daily charts and a 'hammer’ kind of pattern on the weekly scale.
The Nifty took support at its 13-day exponential moving average (EMA) and bounced back to close at 10,772 levels. It hit an intraday low of 10,735 and an intraday high of 10,816.35.
India VIX fell down 1.11 percent to 12.45. It has been falling down for the last four trading sessions. Lower volatility indicates limited downside in the market till it remains below 13.50 zones.
According to Pivot charts, its key support level is placed at 10,733.03, followed by 10,693.37. If the index starts moving upwards, the key resistance levels to watch out are 10,814.33 and 10,855.97.
The Nifty Bank index closed at 26,493.8. The important Pivot level, which will act as crucial support for the index, is placed at 26,399.27, followed by 26,304.73.
On the upside, key resistance levels are placed at 26,599.07, followed by 26,704.33.
Here are the top stock trading ideas which can give good returns in the near term:
Dinesh Rohira of 5nance.com
Buy Indo Count Industries with target at Rs 82 and stop loss at Rs 65
Buy Berger Paints India with target at Rs 314 and stop loss at Rs. 278
Sell Avanti Feeds with target at Rs 452 and stop loss at Rs 495
Rajesh Agarwal of AUM Capital
Buy Century Textiles & Industries with stop loss at Rs 896 and target of Rs 945
Buy Tata Motors with stop loss at Rs 261 and target of Rs 283
Buy Bharat Forge with stop loss at Rs 620 and target of Rs 647
Buy Ceat with stop loss at Rs 1275 and target of Rs 1330
Buy Mahindra & Mahindra with stop loss at Rs 905 and target of Rs 947
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!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
