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The Nifty50 after opening gap down traded in a big range of around 90 points throughout the session and closed flat with a positive bias on Friday. The consolidation for last three consecutive sessions indicated that traders turned cautious after sharp.
The index made small bullish candle and formed 'Long Legged Doji' pattern on the daily charts. On the weekly charts, it formed 'Shooting Star' kind of pattern. A typical long-legged Doji pattern is formed when the opening price is almost equal to the closing price but there was a lot of intraday movement on either side.
The Nifty50 opened at 11,675.85 and closed at 11,680.50. After opening with negative bias, the index immediately rebounded to hit an intraday high of 11,727.65 but at the end of first one hour of trade it corrected to hit day's low of 11,640.10. Overall it remained rangebound throughout the session.
According to Pivot charts, the key support level is placed at 11,637.83, followed by 11,595.17. If the index starts moving upwards, key resistance levels to watch out are 11,725.43 and 11,770.37.
The Nifty Bank index closed at 28,061.75, down 41.50 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 27,949.37, followed by 27,836.93. On the upside, key resistance levels are placed at 28,165.77, followed by 28,269.73.
Here are the top stock trading ideas which can give good returns in the near term:
Manav Chopra of Indiabulls Ventures
Buy Reliance Capital with target at Rs 535 and stop loss at Rs 445
Buy Castrol India with target at Rs 175 and stop loss at Rs 153
Buy Dr Reddy's Laboratories with target at Rs 2,650 and stop loss at Rs 2,400
Rajesh Agarwal of AUM Capital
Buy ICICI Lombard with stop loss at Rs 782 and target of Rs 813
Buy Mindtree with stop loss at Rs 1084 and target of Rs 1150
Buy Albert David with stop loss at Rs 597 and target of Rs 645
Buy Nucleus Software with stop loss at Rs 439 and target of Rs 478
Buy NIIT Technologies with stop loss at Rs 1380 and target of Rs 1435
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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