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The Nifty50 continued to be rangebound for the second consecutive session and closed the August expiry day on a flat note with a negative bias on Thursday.
The index opened flat and remained weak throughout the session, forming small bearish candle, which resembles like a 'Hammer' kind of pattern on the daily candlestick charts.
The market recovered from intraday low in the late trade but that does not change the short term outlook, experts said, adding the index is expected to be weak and remained in a consolidation mode.
The Nifty Midcap index continued to outperform frontline indices, rising 0.13 percent while the sectoral trend remained mixed with Nifty Bank, Auto and Financial Service falling around half a percent each. FMCG and Pharma indices gained over a percent each.
The Nifty50 opened below 11,700-mark at 11,694.75, tad higher over previous day's close of 11,691.90. In early trade itself, it touched an intraday high of 11,698.80 but immediately turned lower to hit an intraday low of 11,639.70 (down 52 points) in the last hour of trade. It managed to recoup some losses in the late trade and closed 15.10 points lower at 11,676.80.
According to Pivot charts, the key support level is placed at 11,644.73, followed by 11,612.67. If the index starts moving upwards, key resistance levels to watch out are 11,703.83 and 11,730.87.
The Nifty Bank index closed at 28,103.25, down 120.85 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 27,965.44, followed by 27,827.67. On the upside, key resistance levels are placed at 28,237.34, followed by 28,371.47.
Here are the top stock trading ideas which can give good returns in the near term:
Aditya Agarwal of Way2Wealth Brokers
Buy Sun Pharma around Rs 635 - 630 for target of Rs 690-725 and stop loss at Rs 600
Buy PTC India Financial Services at Rs 18.80-19.00 for target at Rs 24 and stop loss at Rs 17
Sell Tata Elxsi below Rs 1388 for target at Rs 1320 - 1275 and stop loss at Rs 1440
Rajesh Agarwal of AUM Capital
Buy J Kumar Infraprojects with stop loss at Rs 264 and target of Rs 280
Buy Power Grid Corp with stop loss at Rs 192 and target of Rs 200
Buy ITC with stop loss at Rs 313 and target of Rs 329
Buy Wockhardt with stop loss at Rs 655 and target of Rs 680
Buy Mahanagar Gas with stop loss at Rs 839 and target of Rs 862
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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