The Nifty50 after opening sharply higher hit a fresh intraday record high in the morning and remained rangebound throughout the session on Thursday, but the index formed small bearish candle on the daily charts as closing value is lower than opening value.
Not only frontline indices but also broader markets ended higher. The Nifty Midcap index was up half a percent while the BSE Sensex closed above
psychological 38,000-mark for the first time, up 136.81 points at 38,024.37.
The market has been consolidating from the beginning of week but the gradual upside continued which took the market to new record high levels, experts said, adding as the market is slowly moving into overbought position, traders are advised to trade with caution.
The Nifty50 after opening at 11,493.25 touched a fresh all-time high of 11,495.20 and traded in about 40-point range for rest of the session. The index ended at fresh record closing high of 11,470.70, up 20.70 points, and is 29 points away from 11,500 levels.
India VIX moved up by 1.33 percent at 12.70. Overall lower volatility suggests that bulls are likely to hold the market.
According to Pivot charts, the key support level is placed at 11,451.47, followed by 11,432.23. If the index starts moving upwards, key resistance levels to watch out are 11,492.57 and 11,514.43.
The Nifty Bank index closed at 28,320, up 257.55 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 28,180.2, followed by 28,040.4. On the upside, key resistance levels are placed at 28,411.6, followed by 28,503.2.
Here are the top stock trading ideas which can give good returns in the near term:
Hadrien Mendonca of IIFL
Buy Kansai Nerolac with target at Rs 561 and stop loss at Rs 492
Buy ACC with target at Rs 1709 and stop loss at Rs 1508
Buy Infibeam Incorporation with target at Rs 211 and stop loss at Rs 181
Rajesh Agarwal of AUM Capital
Buy Jindal Steel & Power with a stop loss at Rs 213 and target of Rs 223
Buy Capital First with stop loss at Rs 568 and target of Rs 594
Buy United Breweries with stop loss at Rs 1175 and target of Rs 1230
Buy TVS Motor Company with stop loss at Rs 528 and target of Rs 550
Buy PVR with stop loss at Rs 1258 and target of Rs 1310
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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