Rajesh Agarwal of AUM Capital recommends buying Axis Bank with stop loss at Rs 568 and target of Rs 610, SpiceJet with stop loss at Rs 65 and target of Rs 73 and DLF with stop loss at Rs 152 and target of Rs 167.
The 50-share NSE index opened sharply lower at 10,754.70 which was highest point of the day and fell further as the day progressed to hit an intraday low of 10,547.25 amid volatility. The index closed 259 points lower at 10,599.30, the lowest level since June 28, 2018.
The index formed a 'Bearish Belt Hold' kind of pattern on the daily candlestick charts.
India VIX moved up by 8.05 percent at 19.58 levels. Volatility is not cooling down which is not giving the relief to bulls and suggests a tight bear grip in the market.
According to Pivot charts, the key support level is placed at 10,512.7, followed by 10,426.2. If the index starts moving upwards, key resistance levels to watch out are 10,720.2 and 10,841.2.
The Nifty Bank index closed at 24,819.30, down 250.60 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 24,582.46, followed by 24,345.63. On the upside, key resistance levels are placed at 24,974.76, followed by 25,130.23.
Here are the top stock trading ideas which can give good returns in the near term:
Hadrien Mendonca of IIFL
Buy Hindalco Industries with target at Rs 285 and stop loss at Rs 236
Buy Piramal Enterprises with target at Rs 2510 and stop loss at Rs 2191
Sell Adani Ports October Futures with target at Rs 298 and stop loss at Rs 330
Rajesh Agarwal of AUM Capital
Sell Hindustan Petroleum Corporation with stop loss at Rs 230 and target of Rs 205
Buy Axis Bank with stop loss at Rs 568 and target of Rs 610
Buy SpiceJet with stop loss at Rs 65 and target of Rs 73
Buy DLF with stop loss at Rs 152 and target of Rs 167
Buy Jindal Steel & Power with stop loss at Rs 186 and target of Rs 200Disclaimer: 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.The Great Diwali Discount!
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