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After initial volatility, the Nifty50 staged a smart comeback in late morning deals and extended rally to move near 10,400 levels. Strong global cues, and buying in technology, banking & financials and FMCG stocks boosted sentiment.
The index almost recovered all the losses made in the previous week and formed a bullish candle on daily scale.
The Nifty after opening marginally higher at 10,209.55 immediately dropped to hit an intraday low of 10,105.10, but managed to recover nearly 300 points from that low point and surpassed immediate hurdle of 10,280 zones to hit a day's high of 10,396. The index closed 188.20 points higher at 10,386.60.
According to Pivot charts, the key support level is placed at 10,195.8, followed by 10,005. If the index starts moving upwards, key resistance levels to watch out are 10,486.7 and then 10,586.8.
The Nifty Bank index closed at 25,153.25, up 345.50 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,720.56, followed by 24,287.93. On the upside, key resistance levels are placed at 25,393.56, followed by 25,633.93.
Here are the top stock trading ideas which can give good returns in the near term:
Aditya Agarwala of YES Securities
Buy Aurobindo Pharma with target at Rs 925 and stop loss at Rs 750
Buy PI Industries with target at Rs 880 and stop loss at Rs 740
Sell Kotak Mahindra Bank with target at Rs 990 and stop loss at Rs 1,160
Rajesh Agarwal of AUM Capital
Buy Canara Bank with stop loss at Rs 255 and target of Rs 272
Buy Graphite India with stop loss at Rs 938 and target of Rs 970
Buy Larsen & Toubro with stop loss at Rs 1268 and target of Rs 1345
Buy Cummins India with stop loss at Rs 720 and target of Rs 785
Buy Torrent Power with stop loss at Rs 245 and target of Rs 272
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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