The Nifty50 after opening flat traded rangebound throughout the session but started correcting gradually in late morning deals. It fell below psychological 11,700-mark in the last half an hour of trade and closed tad below the same level on Wednesday.
The index formed bearish candle on the daily candlestick charts ahead of expiry of August futures & options contracts on Thursday.
The Nifty50 opened at 11,744.95 and closed at 11,691.90. In the morning, the index after flat opening dipped and immediately bounced back to hit an intraday high of 11,753.20 followed by volatility. It started correcting gradually in late morning deals and hit a day's low of 11,678.85 in late trade. The index closed 46.60 points lower at 11,691.90.
After today's correction, the index is likely to correct further and if it breaks 11,600 levels then major fall is likely, experts said, adding the volatility is likely to be high on Thursday due to expiry of August futures & options contracts.
According to Pivot charts, the key support level is placed at 11,662.73, followed by 11,633.57. If the index starts moving upwards, key resistance levels to watch out are 11,737.13 and 11,782.37.
The Nifty Bank index closed at 28,224.10, down 45.55 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 28,146.57, followed by 28,069.04. On the upside, key resistance levels are placed at 28,322.87, followed by 28,421.63.
Here are the top stock trading ideas which can give good returns in the near term:
Dharmesh Shah of ICICI Direct.com Research
Buy ITC with target at Rs 345 and stop loss at Rs 285
Buy State Bank of India with target at Rs 341 and stop loss at Rs 278
Buy Majesco with target at Rs 598 and stop loss at Rs 448
Rajesh Agarwal of AUM Capital
Buy UPL with stop loss at Rs 669 and target of Rs 695
Buy Yes Bank with stop loss at Rs 359 and target of Rs 375
Buy SRF with stop loss at Rs 2000 and target of Rs 2120
Buy Merck with stop loss at Rs 3208 and target of Rs 3400
Buy Reliance Infrastructure with stop loss at Rs 428 and target of Rs 455
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