After opening higher Tuesday, the Nifty 50 ended flat but not before hitting a fresh intraday record high. It also made a fresh closing high.
The index formed a bearish candle on the daily charts as the closing price is lower than the opening price.
The Sensex, however, ended 26.09 points lower at 37,665.80 and even the broader markets closed in the red with the Nifty Midcap index falling 0.3 percent. The sectoral trend was mixed.
The Nifty50 after opening above 10,400 levels hit a fresh record high of 11,428.95 on intraday basis but erased gains in late morning deals to touch a day's low of 11,359.70. Overall the index remained range bound for major part of the session and managed to close in the green with 2.40-point gain at 11,389.50.
According to Pivot charts, the key support level is placed at 11,356.47, followed by 11,323.43. If the index starts moving upwards, key resistance levels to watch out are 11,425.77 and 11,462.03.
The Nifty Bank index closed at 27,875.90, down 22.60 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 27,806.07, followed by 27,736.23. On the upside, key resistance levels are placed at 27,966.96, followed by 28,058.03.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Buy India Cements with target at Rs 145 and stop loss at Rs 110
Buy Exide Industries with target at Rs 320 and stop loss at Rs 260
Buy Muthoot Finance with target at Rs 449 and stop loss at Rs 399
Rajesh Agarwal of AUM Capital
Buy Sun TV Network with stop loss at Rs 804 and target of Rs 825
Buy Godawari Power with stop loss at Rs 449 and target of Rs 490
Buy VIP Industries with stop loss at Rs 534 and target of Rs 575
Buy Havells India with stop loss at Rs 663 and target of Rs 698
Buy Torrent Pharma with stop loss at Rs 1664 and target of Rs 1705
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