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After a positive start, the Nifty50 traded in a range of 70 points throughout the session and closed mildly lower Thursday, forming a bearish candle on the daily charts.
The index remained below its psychological 11,000-mark and registered a bearish candle for the second consecutive session today. Not only frontline but also Nifty Midcap index ended lower for the second day in a row, losing 0.7 percent. In fact, all sectoral indices closed in the red except FMCG.
The current rangebound trade indicated the market eagerly awaits more corporate earnings data to get direction on either side by breaking the range of 10,925-11,080 levels, experts said.
The 50-share NSE Nifty opened higher at 10,999.50 and hit an intraday high of 11,006.50, but immediately wiped out those gains to trade in a tight range of 70 points. The index touched day's low of 10,935.45, before closing 23.40 points lower at 10,957.10.
According to Pivot charts, the key support level is placed at 10,926.23, followed by 10,895.37. If the index starts moving upwards, key resistance levels to watch out are 10,997.23 and 11,037.37.
The Nifty Bank index closed at 26,789.65, down 91.25 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,671.4, followed by 26,553.1. On the upside, key resistance levels are placed at 26,966.7, followed by 27,143.7.
Here are the top stock trading ideas which can give good returns in the near term:
Mustafa Nadeem of Epic Research
Buy ITC with target at Rs 280 and stop loss at Rs 267
Buy Titan Company with target at Rs 900 and stop loss at Rs 840
Sell Apollo Tyres with target at Rs 265 and stop loss at Rs 290
Rajesh Agarwal of AUM Capital
Buy Kaveri Seed Company with a stop loss at Rs 555 and target of Rs 582
Buy ITC with stop loss at Rs 267 and target of Rs 281
Buy Century Textiles & Industries with stop loss at Rs 870. and target of Rs 908
Buy Titan Company with a stop loss at Rs 854 and target of Rs 888
Sell Jain Irrigation Systems with a stop loss at Rs 77 and target of Rs 70
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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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