Rajesh Agarwal of AUM Capital recommends buying Divi's Laboratories with stop loss at Rs 1090 and target of Rs 1157, Reliance Industries with stop loss at Rs 1018 and target of Rs 1060 and Hindustan Unilever with stop loss at Rs 1690 and target of Rs 1749.
The Nifty50 which started on a mildly positive note failed to gain momentum seen in previous three consecutive sessions and closed flat on Wednesday. This as despite sharp weakness in global peers after the United States issued a new list of Chinese products worth USD 200 billion for potential 10 percent tariffs.
The 50-share NSE Nifty index formed an indecisive pattern known as 'Doji' on the daily candlestick charts, which also resembles 'Spinning Top’ kind of pattern.
The Nifty50 after opening at 10,956.40 traded in a range of 54 points (10,976.65-10,923.00) before closing 1 points higher at 10,948.30.
This can be a healthy pause after a three-day gains but the index needs to close above 10,976 levels (which was today's intraday low) to resume upward trajectory and reclaim 11,100 levels, experts said.
India VIX moved up by 3.06 percent at 12.77 levels. Spurt in VIX after the decline of last five sessions have given a pause in positive momentum.
According to Pivot charts, the key support level is placed at 10,921.97, followed by 10,895.63. If the index starts moving upwards, key resistance levels to watch out are 10,975.67 and 11,003.03.
The Nifty Bank index closed at 26,816.20, down 78.35 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,747.59, followed by 26,679. On the upside, key resistance levels are placed at 26,911.79, followed by 27,007.40.
Here are the top stock trading ideas which can give good returns in the near term:
Achin Goel of Bonanza Portfolio
Buy Divi’s Labs with target at Rs 1234 and stop loss at Rs 1064
Buy ITD Cementation with target of Rs 150 and stop loss at Rs 128
Buy Cox & Kings with target at Rs 243 and stop loss at Rs 204
Rajesh Agarwal of AUM Capital
Buy Divi's Laboratories with stop loss at Rs 1090 and target of Rs 1157
Buy Reliance Industries with stop loss at Rs 1018 and target of Rs 1060
Buy Hindustan Unilever with stop loss at Rs 1690 and target of Rs 1749
Buy Oil India with stop loss at Rs 205 and target of Rs 217
Sell Ramco Cements with stop loss at Rs 678 and target of Rs 642
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