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Bulls made a strong come back on Wednesday. The Nifty50 after gap up opening continued to inch higher as the day progressed and reclaimed 10,450 levels, driven by financial space after SBI decided to purchase loan assets worth up to Rs 45,000 crore from NBFCs.
The index closed sharply higher and formed bullish candle on the daily charts, negating the formation of lower highs for previous six consecutive trading sessions.
If the 50-share NSE index sustains above 10,300 levels then it can cross 10,700 levels followed by 10,850 levels, the critical hurdle, experts said.
The Nifty50 opened higher at 10,331.85 and extended gains as the day progressed. The index touched an intraday high of 10,482.35, before closing 159.10 points higher at 10,460.10.
India VIX fell by 8.83 percent to 18.01 levels. Decline in VIX from higher levels with a topping out formation have given a short term stability and immediate bounce back move to the market. Now VIX has to further cool down below 16-15 zones to extend the market recovery, experts said.
Here are the top stock trading ideas which can give good returns in the near term:
Dharmesh Shah of ICICIdirect.com Research
Buy State Bank of India with target at Rs 310 and stop loss at Rs 255
Buy ITC with target at Rs 298 and stop loss at Rs 247
Buy Aurobindo Pharma with target at Rs 849 and stop loss at Rs 740
Rajesh Agarwal of AUM Capital
Buy Bajaj Finance with stop loss at Rs 2198 and target of Rs 2350
Buy NIIT Technologies with stop loss at Rs 1163 and target of Rs 1235
Buy Bandhan Bank with stop loss at Rs 498 and target of Rs 530
Buy Indiabulls Real Estate with stop loss at Rs 91 and target of Rs 100
Buy Equitas Holdings with stop loss at Rs 120 and target of Rs 134
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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