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The market recouped all its morning losses in afternoon trade and managed to close the volatile on a positive note on February 4, driven by Asian cues and index heavyweights Reliance Industries & HDFC Group stocks.
The 30-share BSE Sensex gained 113.31 points to close at 36,582.74 while the Nifty50 rose 18.60 points to 10,912.30 and formed bullish candle on the daily charts.
The broader markets underperformed frontliners with the Nifty Midcap index falling 0.88 percent and Smallcap index 1.55 percent. More than two shares declined for every share rising on the NSE.
The sectoral trend was mixed as Nifty Bank and IT indices closed higher while Auto, FMCG, Metal and Pharma declined.
According to Pivot charts, the key support level is placed at 10,841.63, followed by 10,771.07. If the index starts moving upward, key resistance levels to watch out are 10,955.33 and then 10,998.47.
The Nifty Bank index closed at 27,186.60 on February 4. The important Pivot level, which will act as crucial support for the index, is placed at 26,926.87, followed by 26,667.13. On the upside, key resistance levels are placed at 27,345.07, followed by 27,503.54.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell GSFC with a stop loss of Rs 95, target of Rs 88
Sell Adani Power with a stop loss of Rs 42, target of Rs 36
Buy RBL Bank with a stop loss of Rs 588, target of Rs 610
Buy Kotak Mahindra Bank with a stop loss of Rs 1260, target of Rs 1295
Buy HDFC Bank with a stop loss of Rs 2080, target of Rs 2140
Sudarshan Sukhani of s2analytics.com
Sell UltraTech Cement with stop loss at Rs 3500 and target of Rs 3380
Sell JSW Steel with stop loss at Rs 276 and target of Rs 267
Buy Bajaj Finance with stop loss at Rs 2550 and target of Rs 2650
Buy Britannia Industries with stop loss at Rs 3220 and target of Rs 3330
Buy Tech Mahindra with stop loss at Rs 740 and target of Rs 765
Mitessh Thakkar of mitesshthakkar.com
Buy Indraprastha Gas with a stop loss of Rs 289.5 and target of Rs 305
Sell HPCL with a stop loss of Rs 231.5 and target of Rs 215
Buy Kotak Mahindra Bank with a stop loss of Rs 1260 and target of Rs 1295
Buy RBL Bank with a stop loss of Rs 582 and target of Rs 618
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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