Rajesh Agarwal of AUM Capital recommends buying Bandhan Bank with stop loss at Rs 367 and target of Rs 400, ICICI Bank with stop loss at Rs 309 and target of Rs 325 and SRF with stop loss at Rs 1754 and target of Rs 1838.
The market fell for a second consecutive day on Friday (October 26), which was the first day of the November series. It ended a volatile session sharply lower, but managed to defend the psychological 10,000 level.
The Nifty 50 opened flat at 10,122.35, but corrected sharply to hit an intraday low of 10,004.55. The index made many attempts to hold 10,100 levels amid volatility, but failed and finally closed 94.90 points lower at 10,030.
The index formed a large bearish candle which resembles a 'Bearish Belt Hold' kind of pattern on the daily charts as well as weekly scale.
India VIX moved up by 3.21 percent to 19.57 levels. Volatility is not cooling off, which is concerning the market. It has to go down below 17-16 zones to rescue the bulls after the sharp cut of last two months.
According to Pivot charts, the key support level is placed at 9,980.07, followed by 9,930.13. If the index starts moving upwards, key resistance levels to watch out are 10,104.37 and then 10,178.73.
The Nifty Bank index closed at 24,421.05, down 396.40 points on October 26. The important Pivot level, which will act as crucial support for the index, is placed at 24,258.83, followed by 24,096.57. On the upside, key resistance levels are placed at 24,677.63, followed by 24,934.17.
Here are the top stock trading ideas which can give good returns in the near term:
Dinesh Rohira of 5nance.com
Buy Sterlite Technologies with target at Rs 363 and stop loss at Rs 330
Sell Jubilant Foodworks with target at Rs 1013 and stop loss at Rs 1191
Sell Asian Paints with target at Rs 1154 and stop loss at Rs 1214
Rajesh Agarwal of AUM Capital
Buy Bandhan Bank with stop loss at Rs 367 and target of Rs 400
Buy ICICI Bank with stop loss at Rs 309 and target of Rs 325
Buy SRF with stop loss at Rs 1754 and target of Rs 1838
Buy Ceat with stop loss at Rs 1068 and target of Rs 1150
Buy Cox & Kings with stop loss at Rs 178 and target of Rs 192Disclaimer: 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.