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The 30-share BSE Sensex was up 52.79 points at 36,374.08, driven by technology, select banking & financial and auto stocks. The Nifty50 advanced 14.90 points to close at 10,905.20.
"Looking at the overall open interest activity in index futures for current series, we believe majority of the positions formed are on the long side. In fact, decent amount of longs that has been rolled from December series are also intact in the system. In addition, consistent witting in ATM (at the money) Put is also a good indication for bulls," Sneha Seth, Derivatives Analyst at Angel Broking told Moneycontrol.
According to Pivot charts, the key support level is placed at 10,856.37, followed by 10,807.53. If the index starts moving upward, key resistance levels to watch out are 10,942.37 and then 10,979.53.
The Nifty Bank index closed at 27,528.8, up 45.05 points on January 17. The important Pivot level, which will act as crucial support for the index, is placed at 27,372.13, followed by 27,215.46. On the upside, key resistance levels are placed at 27,648.53, followed by 27,768.27.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Reliance Industries with a stop loss of Rs 1100, target of Rs 1175
Buy Hindustan Unilever with a stop loss of Rs 1740, target of Rs 1775
Buy Axis Bank with a stop loss of Rs 670, target of Rs 695
Buy BPCL with a stop loss of Rs 350, target of Rs 365
Buy HDFC Bank with a stop loss of Rs 2100, target of Rs 2165
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Mitessh Thakkar of mitesshthakkar.com
Buy Axis Bank with a stop loss of Rs 665 and target of Rs 700
Buy HCL Tech with a stop loss of Rs 943 and target of Rs 978
Buy Amara Raja Batteries with a stop loss of Rs 770 and target of Rs 812
Buy HDFC with a stop loss of Rs 1989 and target of Rs 2035
Prakash Gaba of prakashgaba.com
Buy Power Grid with target at Rs 198 and stop loss at Rs 192
Buy HCL Tech with target at Rs 980 and stop loss at Rs 940
Buy Vedanta with target of Rs 210 and stop loss of Rs 195
Sell Jain Irrigation with target at Rs 61 and stop loss at Rs 67
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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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