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The Nifty50 after opening higher extended its rally and hit a fresh intraday record high in early trade on August 21, but immediately cooled off to remain in the range of 42 points for rest of the session before ending the day at a record closing high.
The index formed a bearish candle on an intraday basis on daily candlestick charts as the closing value was lower than what it opened at. The pattern formed by Nifty was more like Hanging Man and Dragonfly Doji on the daily charts.
The Nifty50 opened the session at 11,576.20 and closed at 11,570.90 with gain of 19.10 points from its previous closing level of 11,551.75. The index gained to hit an intraday all-time of 11,581.75 which made a small upper shadow while it slipped to an intraday low of 11,539.60 which resulted in long lower shadow.
India VIX fell by 1.36 percent to 12.85 levels and overall lower volatility suggests a tight grip of the bulls in the market.
According to Pivot charts, the key support level is placed at 11,546.4, followed by 11,521.9. If the index starts moving upwards, key resistance levels to watch out are 11,588.6 and 11,606.3.
The Nifty Bank index closed at 28,257.90, down 16.35 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 28,171.24, followed by 28,084.57. On the upside, key resistance levels are placed at 28,325.24, followed by 28,392.57.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities Ltd
Buy Torrent Power with target at Rs 270 and stop loss at Rs 235
Buy Wockhardt with target at Rs 683 and stop loss at Rs 619
Buy Tata Motors with target at Rs 310 and stop loss at Rs 252
Rajesh Agarwal of AUM Capital
Buy NIIT Technologies with stop loss at Rs 1345 and target of Rs 1405
Buy VIP Industries with stop loss at Rs 589 and target of Rs 625
Buy Cummins India with stop loss at Rs 734 and target of Rs 775
Buy Tata Elxsi with stop loss at Rs 1410 and target of Rs 1480
Buy Ajanta Pharma with stop loss at Rs 1214 and target of Rs 1247
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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