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The Nifty50 opened sharply higher but wiped out all gains in afternoon as the rupee breached 72 a dollar for the first time on Thursday. The index managed to rebound in the last couple of hours of trade and closed higher after three-day consecutive fall.
The Nifty hold on to its crucial support placed at 11,500 levels and made a small bullish candle which looked like a 'Hammer' like pattern on daily charts.
The Nifty50 started off day on a strong note at 11,514.15 but volatility caused due to further weakness in rupee pulled the index down to intraday low of 11,436.05. It managed to recoup those losses in later part of the session and hit day's high of 11,562.25 following recovery in currency from all-time low. The index finally closed 59.90 points higher at 11,536.90 but the rupee ended at record closing low of 71.9875, down 23 paise.
India VIX move up by 1.02 percent to 13.79. Pause in the VIX after the sharp spurt of 10 percent indicates some consolidation could be seen with support zones, experts said.
According to Pivot charts, the key support level is placed at 11,461.2, followed by 11,385.5. If the index starts moving upwards, key resistance levels to watch out are 11,587.4 and 11,637.9.
The Nifty Bank index closed at 27,468.70, up 92.65 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 27,292.34, followed by 27,115.97. On the upside, key resistance levels are placed at 27,598.94, followed by 27,729.17.
Here are the top stock trading ideas which can give good returns in the near term:
Aditya Agarwal of Way2Wealth Brokers
Buy Tata Motors around Rs 270 with target at Rs 305 and stop loss at Rs 254
Buy Dr Reddy's Laboratories around Rs 2580 - 2530 with target at Rs 2760 and stop loss at Rs 2460
Sell Jubilant Foodworks around Rs 1435 - 1450 with target at Rs 1330 and stop loss at Rs 1495
Rajesh Agarwal of AUM Capital
Buy JK Paper with stop loss at Rs 175 and target of Rs 187
Buy Aurobindo Pharma with stop loss at Rs 735 and target of Rs 789
Buy Cadila Healthcare with stop loss at Rs 413 and target of Rs 435
Buy Tech Mahindra with stop loss at Rs 764 and target of Rs 784
Buy Kirloskar Oil Engines with stop loss of Rs 265 and target of Rs 280
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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