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The 50-share NSE Nifty which opened at 10,902.75 rallied further as the day progressed and hit an intraday high of 10,956.90, before closing 94.40 points or 0.87 percent higher at 10,947.30, the highest closing level since February 1, 2018.
After a rangebound trade for around two months, the strong breakout indicated that the Nifty could be heading towards its earlier all-time highs of 11,171 touched on January 29, experts said.
India VIX closed flattish at 12.39 levels. VIX has been falling down from last five trading sessions and lower volatility indicates bullish stance of market till it remains below 13.50 zones.
According to Pivot charts, the key support level is placed at 10,896.97, followed by 10,846.73. If the index starts moving upwards, key resistance levels to watch out are 10,977.17 and 11,007.13.
The Nifty Bank index closed at 26,894.55, up 141.25 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,802.2, followed by 26,709.8. On the upside, key resistance levels are placed at 26,963.3, followed by 27,032.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Buy Petronet LNG with target at Rs 251 and stop loss at Rs 202
Buy Century Textiles & Industries with target at Rs 1010 and stop loss at Rs 898
Buy Mahindra & Mahindra with target at Rs 975 and stop loss at Rs 902
Rajesh Agarwal of AUM Capital
Buy PNB Housing Finance with stop loss at Rs 1160 and target of Rs 1228
Buy GAIL (India) with stop loss at Rs 352 and target of Rs 378
Buy Havells India with stop loss at Rs 560 and target of Rs 590
Buy LIC Housing Finance with stop loss at Rs 487 and target of Rs 507
Buy V-Guard Industries with stop loss at Rs 201 and target of Rs 213
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.
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