The Nifty 50, after a sharp gap-up opening, witnessed sustained buying interest throughout the trading session to extend its gains above the psychological 11,500-mark on September 14 ahead of the Prime Minister's meeting with top government officials to review the current economic scenario.
The index held on to its crucial support placed at 11,380 levels and closed sharply higher, forming a bullish candle on the daily candlestick charts and 'Hammer' pattern on the weekly charts.
It closed 145.30 points or 1.28 percent higher at 11,515.20, but on weekly basis, it lost 0.6 percent on top of a 0.8 percent loss in the previous week.
India VIX fell by 3.24 percent to 13.78. Decline in VIX could provide some stability in the market, experts said.
According to Pivot charts, the key support level is placed at 11,456.07, followed by 11,396.93. If the index starts moving upwards, key resistance levels to watch out are 11,548.77 and 11,582.33.
The Nifty Bank index closed at 27,163.85, up 344.65 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 27,033.8, followed by 26,903.8. On the upside, key resistance levels are placed at 27,249.8, followed by 27,335.8.
Here are the top stock trading ideas which can give good returns in the near term:
Mazhar Mohammad of Chartviewindia.in
Buy Asian Paints with target at Rs 1390 and stop loss at Rs 1295
Buy JSW Steel with target at Rs 447 and stop loss at Rs 387
Buy United Spirits with target at Rs 641 and stop loss at Rs 560
Rajesh Agarwal of AUM Capital
Buy Wockhardt with stop loss at Rs 654 and target of Rs 700
Buy Deepak Nitrite with stop loss at Rs 264 and target of Rs 285
Buy Dhampur Sugar with stop loss at Rs 112 and target of Rs 125
Buy VIP Industries with stop loss at Rs 534 and target of Rs 570
Buy Mangalore Refinery with stop loss at Rs 72 and target of Rs 77
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