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After a gap-up opening, the Nifty 50 remained volatile in early trade on September 11. The index, however, wiped out all gains in later part of the session to breach the psychological 11,300-mark. Further weakness in the rupee and trade war tensions hit market sentiment.
The market corrected sharply for the second consecutive session, forming large bearish candle which resembles like 'Bearish Belt Hold' kind of pattern on the daily candlestick chart.
The Nifty50 after opening gap up at 11,476.85 managed to hit an intraday high of 11,479.40 amid volatility in morning, but suddenly in the last couple of hours of trade it started falling sharply to break 11,300-mark and hit day's low of 11,274. The index closed 150.60 points or 1.32 percent lower at 11,287.50.
According to Pivot charts, the key support level is placed at 11,214.53, followed by 11,141.57. If the index starts moving upwards, key resistance levels to watch out are 11,419.93 and 11,552.37.
The Nifty Bank index closed at 26,807.50, down 394.25 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,613.67, followed by 26,419.83. On the upside, key resistance levels are placed at 27,159.87, followed by 27,512.23.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Buy Natco Pharma with target at Rs 900 and stop loss at Rs 795
Sell Chennai Petroleum Corporation with target at Rs 264 and Rs 255 keeping stop loss at Rs 301
Buy Automotive Axles with target at Rs 1,800 and Rs 2,050 keeping stop loss at Rs 1,235
Rajesh Agarwal of AUM Capital
Buy Hexaware Technologies with stop loss at Rs 449 and target of Rs 464
Buy Axis Bank with stop loss at Rs 644 and target of Rs 660
Buy Graphite India with stop loss at Rs 988 and target of Rs 1025
Buy State Bank of India with stop loss at Rs 277 and target of Rs 290
Buy Mahindra and Mahindra with stop loss at Rs 928 and target of Rs 960
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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