The Nifty, after opening sharply higher above the 11,400 mark, extended its rally to move near its intraday record high and finally ended at record closing high on Friday, driven by broad-based buying.
The index formed a bullish candle on daily candlestick charts and the weekly scale. It closed half a percent higher for the truncated week.
The broader markets also participated in the rally, with the Nifty Midcap index rising over a percent, and all sectoral indices ending in the green. Nifty Bank, and the FMCG, metal and pharma indices rose 1-2 percent.
The Nifty started off the session at 11,437.15 and rallied further during the day to touch an intraday high of 11,486.45. But it failed to reclaim its intraday record high of 11,495.20 seen on August 9. The index ended at record closing high of 11,470.75, up 85.70 points.
According to Pivot charts, the key support level is placed at 11,439.57, followed by 11,408.33. If the index starts moving upwards, key resistance levels to watch out are 11,494.27 and 11,517.73.
The Nifty Bank index closed at 28,128.55, up 302 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 27,995.54, followed by 27,862.47. On the upside, key resistance levels are placed at 28,219.93, followed by 28,311.27.
Here are the top stock trading ideas which can give good returns in the near term:
Rajesh Palviya of Axis Securities
Buy Aurobindo Pharma with target at Rs 668-675 and stop loss at Rs 622
Buy Dewan Housing Finance with target at Rs 685-694 and stop loss at Rs 638
Buy Tata Chemicals with target at Rs 727-736 and stop loss at Rs 682
Rajesh Agarwal of AUM Capital
Buy Edelweiss Financial with stop loss at Rs 288 and target of Rs 310
Buy Yes Bank with stop loss at Rs 385 and target of Rs 405
Buy Apollo Hospitals with stop loss at Rs 1164 and target of Rs 1214
Buy Tata Chemicals with stop loss at Rs 693 and target of Rs 727
Sell Infosys with stop loss at Rs 1450 and target of Rs 1402
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!