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The Nifty50 repeated its previous day's trading pattern on Thursday, the expiry day of September futures & options contracts. The index opened sharply higher but after positive trade in the initial period, it extended losses as the day progressed and closed below psychological 11,000 levels. The index formed a bearish candle again on the daily charts.
The Nifty Bank, Auto, Financial Service, Pharma and Realty indices were down 1-3 percent while the Nifty Midcap index underperformed frontliners, falling 2.3 percent.
The Nifty50 opened higher at 11,079.80 and closed sharply lower at 10,977.55. The index managed to rise up to 11,089.45, the intraday high, in first half of an hour of trade but suddenly wiped out those gains and remained weak for rest of the session to hit day's low of 10,953.35. It closed 76.30 points lower at 10,977.50.
According to Pivot charts, the key support level is placed at 10,924.03, followed by 10,870.57. If the index starts moving upwards, key resistance levels to watch out are 11,060.23 and 11,142.97.
The Nifty Bank index closed at 25,042.15, down 334.15 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 24,882.03, followed by 24,721.87. On the upside, key resistance levels are placed at 25,327.43, followed by 25,612.67.
Here are the top stock trading ideas which can give good returns in the near term:
Mustafa Nadeem of Epic Research
Buy Chennai Petroleum with target at Rs 305 and stop loss at Rs 270
Sell HCL Technologies with target at Rs 1050 and stop loss at Rs 1120
Sell Shriram Transport Finance with target at Rs 1125 and stop loss at Rs 1185
Rajesh Agarwal of AUM Capital
Buy JSW Steel with stop loss at Rs 394 and target of Rs 410
Buy Indiabulls Housing Finance with stop loss at Rs 915 and target of Rs 965
Buy Adani Enterprises with stop loss at Rs 137 and target of Rs 148
Buy Apollo Hospitals with stop loss at Rs 1044 and target of Rs 1098
Buy Prestige Estates with stop loss at Rs 228 and target of Rs 242
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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