After opening lower the Nifty50 traded in a negative territory amid consolidation. The index managed to recoup losses in the last hour of trade to end at record closing high for the fourth consecutive session Tuesday as investors eyed the monetary policy committee's rate decision on August 1.
The index formed bullish candle on the daily charts, which also resembles a 'Hanging Man' kind of pattern on the daily charts.
The 50-share NSE Nifty opened lower at 11,311.05 and hit an intraday low of 11,267.75, but it managed to recoup morning losses in the last hour of trade and touched an intraday all-time high of 11,366. The index closed 37 points higher at 11,356.50. India VIX dropped 1.25 percent to 12.43. Overall lower volatility suggests bulls are holding the tight grip on the market.
According to Pivot charts, the key support level is placed at 11,294.2, followed by 11,231.9. If the index starts moving upwards, key resistance levels to watch out are 11,392.4 and 11,428.3.
The Nifty Bank index closed at 27,764.15, down 78.45 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 27,663.94, followed by 27,563.67. On the upside, key resistance levels are placed at 27,851.84, followed by 27,939.47.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Buy Puravankara with target at Rs 122 and stop loss at Rs 95
Buy Mahindra & Mahindra with target at Rs 974 and stop loss at Rs 910
Buy Container Corporation of India with target at Rs 712 and stop loss at Rs 640
Rajesh Agarwal of AUM Capital
Buy Multi Commodity Exchange of India with stop loss at Rs 864 and traget of Rs 904
Buy Jindal Steel & Power with stop loss at Rs 200 and target of Rs 213
Buy Britannia Industries with stop loss at Rs 6410 and target of Rs 6695
Buy Engineers India with stop loss at Rs 132 and target of Rs 142
Buy Bharat Forge with stop loss at Rs 632 and target of Rs 652
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.
