Bulls staged a smart comeback on Monday after sharp sell-off last week. The Nifty50 after gap up opening extended rally as the day progressed and closed above 10,250 levels, driven by short covering in banking & financials after ICICI Bank's Q2 earnings.
All sectoral indices closed in the green with Pharma rising the most (up 5.2 percent) followed by Bank, Financial Service, IT, Metal and Realty which gained 2-3 percent.
If the market is able to sustain above 10,000 levels then it may head towards 10,400 levels in coming sessions, but one should be cautiously optimistic and keep a strict stoploss below 10,020 levels, experts suggest.
The Nifty50 after opening higher at 10,078.10 extended rally as the day progressed and touched an intraday high of 10,275.30 in late trade. The index almost recovered all its previous week's losses and closed 220.90 points higher at 10,250.90, forming large bullish candle on the daily charts.
India VIX moved up by 2.48 percent to 19.71 levels. Volatility is not cooling down further and that is the only concern for the market, experts said.
Here are the top stock trading ideas which can give good returns in the near term:
Jayant Manglik of Religare Broking
Buy Bharat Forge with target at Rs 595 and stop loss at Rs 535
Buy Havells India with target at Rs 680 and stop loss at Rs 595
Buy The India Cements with target at Rs 97 and stop loss at Rs 79
Rajesh Agarwal of AUM Capital
Buy Tata Motors with stop loss at Rs 168 and target of Rs 185
Buy India Glycols with stop loss at Rs 350 and target of Rs 378
Buy VIP Industries with stop loss at Rs 409 and target of Rs 428
Buy Ambuja Cements with stop loss at Rs 188 and target of Rs 199
Buy Divis Laboratories with stop loss at Rs 1394 and target of Rs 1500
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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