Indian market hit fresh records on August 28 supported by positive global cues. The Nifty50 hit a new high of 11,760, but witnessed profit booking at higher levels and closed near its opening level forming a ‘Doji’ type of candle on the daily candlestick charts.
Although the Nifty50 surpassed 11,750, it witnessed profit booking near 11,760 which pushed the index towards 11,700 levels. However, bulls managed to pull the index near its opening level of 11,731. The index finally closed 46 points higher at 11,738.
According to Pivot charts, the key support level is placed at 11,712, followed by 11,686. If the index starts moving upwards, key resistance levels to watch out are 11,762 and 11,786.
The Nifty Bank index closed at 28,269, up 5 points. The important Pivot level, which will act as crucial support for the index, is placed at 28,152, followed by 28034. On the upside, key resistance levels are placed at 28,388, followed by 28,506.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Buy Vedanta with target at Rs 255 and stop loss at Rs 217
Buy Kotak Mahindra Bank with target at Rs 1330 and stop loss at Rs 1250
Buy Gujarat Narmada Valley Fertilizers and Chemicals with target at Rs 135 and stop loss at Rs 110
Rajesh Agarwal of AUM Capital
Buy JSW Steel with stop loss at Rs 360 and target of Rs 375
Buy Sterlite Technologies with stop loss at Rs 357 and target of Rs 377
Buy Universal Cables with stop loss at Rs 208 and target of Rs 225
Buy Jet Airways with stop loss at Rs 287 and target of Rs 307
Buy Axis Bank with stop loss at Rs 648 and target of Rs 678
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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