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Bulls went on a rampage on the first day of the truncated week. The Nifty 50 surpassed the psychological 11,500-mark at the opening of trade on August 20, extended the rally through the day and closed above 11,550 levels for the first time, forming a bullish candle on the daily charts.
It was a broad-based based rally and driven majorly by banking & financials, metals and auto stocks. Positive global cues and recovery in the rupee also boosted investors’ sentiment.
India VIX fell by 0.28 percent to 13.12 levels and overall lower volatility suggests tight grip of the bulls in the market.
According to Pivot charts, the key support level is placed at 11,512.57, followed by 11,473.33. If the index starts moving upwards, key resistance levels to watch out are 11,578.17 and 11,604.53.
The Nifty Bank index closed at 28,274.25, up 145.70 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 28,189.84, followed by 28,105.47. On the upside, key resistance levels are placed at 28,340.44, followed by 28,406.67.
Here are the top stock trading ideas which can give good returns in the near term:
Nandish Shah of HDFC Securities
Buy Tech Mahindra with target at Rs 730 and stop loss at Rs 665
Buy RBL Bank with target at Rs 640 and stop loss at Rs 565
Buy Amara Raja Batteries with target at Rs 980 and stop loss at Rs 845
Rajesh Agarwal of AUM Capital
Buy Karnataka Bank with stop loss at Rs 117 and target of Rs 124
Buy GM Breweries with stop loss at Rs 740 and target of Rs 788
Buy Amara Raja Batteries with stop loss at Rs 875 and target of Rs 914
Buy Divis Laboratories with stop loss at Rs 1212 and target of Rs 1290
Buy RBL Bank with stop loss at Rs 582 and target of Rs 605
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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