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Bulls managed to take charge at Dalal Street after intraday tussle with bears on Wednesday. The Nifty50 after strong gap up opening traded volatile as the day progressed, followed by marginal correction in afternoon. However, it managed to recoup losses in late trade.
The index closed volatile session sharply higher ahead of expiry of October derivative contracts tomorrow, and formed small bearish candle, which resembles a 'Hammer' like pattern on the daily charts.
The index managed to hold its near term support levels of 10,100, which indicated that it can go up further on expiry day, experts said.
The Nifty50 opened 131 points higher at 10,278.15 and touched an intraday high of 10,290.65 in early trade, but turned volatile as the day progressed and corrected sharply towards 10,126 levels, the day's low. However it recovered well by nearly 100 points from its intraday low and formed a Hammer candle followed by a Doji on daily scale. The index closed 78 points higher at 10,224.80.
India VIX fell by 2.65 percent to 18.53. However VIX has to go down below 17-16 zones to rescue the bulls after the sharp cut of last two months.
Here are the top stock trading ideas which can give good returns in the near term:
Rupak De of Bonanza Portfolio
Buy RBL Bank with target at Rs 537 and stop loss at Rs 468
Sell State Bank of India with target at Rs 236.50 and stop loss at Rs 266
Buy HDFC with target at Rs 1890 and stop loss at Rs 1653
Rajesh Agarwal of AUM Capital
Sell Wipro with stop loss at Rs 315 and target of Rs 300
Sell Interglobe Aviation with stop loss at Rs 847 and target of Rs 780
Buy DEN Networks with stop loss at Rs 65 and target of Rs 70
Buy L&T Finance Holdings with stop loss at Rs 123 and target of Rs 132
Buy SPML Infra with stop loss at Rs 56 and target of Rs 67
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