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The Nifty continued to fall for third consecutive session to break crucial support of 11,250 levels and formed bearish candle on the daily charts again. The Nifty Midcap index also caught in bear trap, falling nearly a percent while all sectoral indices ended in the red barring Metal and IT.
The Nifty50 after gap up opening above 11,300-mark rallied to hit an intraday high of 11,332.05, but wiped out all gains in last couple of hours of trade to break crucial support and hit day's low of 11,210.90. The index fell nearly 100 points from day's high to end down 44.50 points at 11,234.40.
According to Pivot charts, the key support level is placed at 11,186.13, followed by 11,137.97. If the index starts moving upwards, key resistance levels to watch out are 11,307.23 and 11,380.17.
The Nifty Bank index closed at 26,277.35, down 164.10 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,138.13, followed by 25,998.96. On the upside, key resistance levels are placed at 26,514.03, followed by 26,750.77.
Here are the top stock trading ideas which can give good returns in the near term:
Hadrien Mendonca of IIFL
Buy Tech Mahindra with target at Rs 832 and stop loss at Rs 739
Buy TVS Motor Company with target at Rs 649 and stop loss at Rs 575
Buy JSW Steel with target at Rs 442 and stop loss at Rs 404.5
Rajesh Agarwal of AUM Capital
Buy Dhampur Sugar with stop loss at Rs 140 and target of Rs 155
Buy Globus Spirits with stop loss at Rs 198 and target of Rs 220
Buy Bharat Petroleum Corporation with stop loss at Rs 358 and target of Rs 375
Buy Muthoot Finance with stop loss at Rs 447 and target of Rs 475
Buy Coal India with stop loss at Rs 275 and target of Rs 289
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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