Rajesh Agarwal of AUM Capital recommends buying PVR with stop loss at Rs 1372 and target of Rs 1420, Vindhya Telelink with stop loss at Rs 1500 and target of Rs 1590 and Navin Fluorine with stop loss at Rs 718 and target of Rs 785.
The Nifty50 after gap up opening started correction in late morning deals, but managed to claw back in last couple of hours of trade on short covering on Wednesday after big fall in previous two consecutive sessions.
The index closed sharply higher on reports of Prime Minister may be held economic review meeting to consider fiscal or monetary measures on Saturday, and ahead of industrial output and CPI inflation data due later in the day.
The Nifty hold on to its crucial support placed at 11,300 levels and made a small bullish candle, which looked like a 'Hammer' kind of formation on daily charts, after two big bearish candles in previous two trading sessions.
The Nifty50 opened sharply higher at 11,340.10, but wiped out all its gains in late morning deals to hit an intraday low of 11,250.20. The index managed to recoup those losses in last couple of hours of trade to hit day's high of 11,380.75 and closed 82.40 points higher at 11,369.90.
According to Pivot charts, the key support level is placed at 11,286.47, followed by 11,203.03. If the index starts moving upwards, key resistance levels to watch out are 11,417.07 and 11,464.23.
The Nifty Bank index closed at 26,819.20, up 11.70 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,617.86, followed by 26,416.53. On the upside, key resistance levels are placed at 26,957.86, followed by 27,096.53.
Here are the top stock trading ideas which can give good returns in the near term:
Rupak De of Bonanza Portfolio
Buy Hindustan Unilever with target at Rs 1757 and stop loss at Rs 1569
Buy Kotak Mahindra Bank with target at Rs 1310-1330 and stop loss at Rs 1187
Buy Edelweiss Financial Services with target at Rs 286 and stop loss at Rs 247
Rajesh Agarwal of AUM Capital
Buy PVR with stop loss at Rs 1372 and target of Rs 1420
Buy Vindhya Telelink with stop loss at Rs 1500 and target of Rs 1590
Buy Navin Fluorine with stop loss at Rs 718 and target of Rs 785
Buy Bata India with stop loss at Rs 1019 and target of Rs 1065
Buy Balrampur Chini with stop loss at Rs 75 and target of Rs 82Disclaimer: 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.