The Nifty 50 rebounded from two-day losses Tuesday and extended the rally on August 14 despite volatility in the rupee, which breached the 70 to a US dollar-mark.
The index closed decisively above the psychological 11,400 levels despite mixed global cues, forming bullish candle on the daily candlestick charts.
The broad-based rally saw all sectoral indices end in the green with pharma leading the charge with a 3 percent rise. The broader markets also participated in the up move, with the Nifty Midcap index rising a percent.
After opening higher at 11,381.70, the Nifty extended gains as the day progressed and crossed 11,400 levels to hit an intraday high of 11,452.45. The index closed 79.30 points higher at 11,435.10.
According to Pivot charts, the key support level is placed at 11,386.43, followed by 11,337.77. If the index starts moving upwards, key resistance levels to watch out are 11,468.13 and 11,501.17.
The Nifty Bank index closed at 28,021.70, up 227.30 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 27,900.04, followed by 27,778.37. On the upside, key resistance levels are placed at 28,098.24, followed by 28,174.77.
Here are the top stock trading ideas which can give good returns in the near term:
Rupak De of Bonanza Portfolio
Buy Arvind with target at Rs 424 and stop loss at Rs 383
Buy Coffee Day Enterprises with target at Rs 272 and stop loss at Rs 237
Buy Dewan Housing Finance with target at Rs 730 and stop loss at Rs 628
Buy Aurobindo Pharma with target at Rs 700 and stop loss at Rs 598
Rajesh Agarwal of AUM Capital
Buy Sun Pharmaceutical Industries with stop loss at Rs 584 and target of Rs 625
Sell Kotak Mahindra Bank with stop loss at Rs 1310 and target of Rs 1260
Buy Aditya Birla Fashion with stop loss at Rs 187 and target of Rs 200
Buy V-Guard Industries with stop loss at Rs 210 and target of Rs 220
Buy Balkrishna Industries with stop loss at Rs 1290 and target of Rs 1398
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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