Rajesh Agarwal of AUM Capital recommends buying Apollo Hospitals with stop loss at Rs 1035 and target of Rs 1110, NIIT Technologies with stop loss at Rs 1268 and target of Rs 1320 and Tata Steel with stop loss at Rs 558 and target of Rs 583.
Bears continued to dominate Dalal Street for the second consecutive session on August 13 as the Nifty50 fell sharply, closing far below the psychological 11,400-mark following the Turkey crisis and further weakness in the rupee against the dollar.
The Nifty closed below the five-day EMA as well as nine-day EMA, which offered major support to Nifty in earlier corrections. The index formed a small bearish candle on the daily charts.
The Nifty50 after opening sharply lower and breaking 11,400 levels extended losses as the day progressed and hit an intraday low of 11,340.30. It did manage to claw back above 11,400 in afternoon trade, but failed to hold the same level and closed 73.70 points lower at 11,355.80.
India VIX moved up by 4.08 percent at 13.37 levels. Spurt in VIX suggests that upside is going to be capped on immediate basis.
According to Pivot charts, the key support level is placed at 11,328.63, followed by 11,301.47. If the index starts moving upwards, key resistance levels to watch out are 11,394.63 and 11,433.47.
The Nifty Bank index closed at 27,794.40, down 329.85 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 27,718.67, followed by 27,642.93. On the upside, key resistance levels are placed at 27,890.97, followed by 27,987.54.
Here are the top stock trading ideas which can give good returns in the near term:
Vinay Rajani of HDFC Securities
Buy Infosys with target at Rs 1495 and stop loss at Rs 1347
Buy Everest Industries with target at Rs 630 and stop loss at Rs 510
Buy CG Consumer with target at Rs 302 and stop loss at Rs 250
Rajesh Agarwal of AUM Capital
Buy Apollo Hospitals with stop loss at Rs 1035 and target of Rs 1110
Buy NIIT Technologies with stop loss at Rs 1268 and target of Rs 1320
Buy Tata Steel with stop loss at Rs 558 and target of Rs 583
Buy Hexaware Technologies with stop loss at Rs 470 and target of Rs 499
Buy Jai Corp with stop loss at Rs 154 and target of Rs 162Disclaimer: 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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