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The Nifty50 recouped losses and closed above its crucial resistance level of 10,900 on January 18, attracting buying at lower levels for the second day in a row which is a positive sign for the bulls.
The index formed a ‘Small Bearish’ candle on intraday on daily charts as the closing level was lower than the opening level while on the weekly charts, the index formed a bullish candle for the second consecutive week in a row.
The index bounced back after hitting its 5-day exponential moving average (EMA) to close above 10,900.
Consistent buying at lower levels suggest the bulls are here to stay and investors who went long can continue with their positions as long as Nifty holds 10800, say experts.
According to pivot charts, the key support level is placed at 10,863.4, followed by 10,819.8. If the index starts moving upward, key resistance levels to watch out are 10,939.4 and then 10,971.8.
The Nifty Bank index closed at 27,456.7. The important pivot level, which will act as crucial support for the index, is placed at 27,386.13, followed by 27,315.56. On the upside, key resistance levels are placed at 27,551.83, followed by 27,646.97.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Infosys with a stop loss of Rs 725, target of Rs 750
Buy TCS with a stop loss of Rs 1850, target of Rs 2000
Buy ICICI Prudential Life Insurance with a stop loss of Rs 346, target of Rs 362
Buy Tata Steel with a stop loss of Rs 465, target of Rs 490
Buy Vedanta with a stop loss of Rs 194, target of Rs 208
Sudarshan Sukhani of s2analytics.com
Buy Bata India with stop loss at Rs 1145 and target of Rs 1170
Buy Berger Paints with stop loss at Rs 322 and target of Rs 331
Buy HCL Tech with stop loss at Rs 955 and target of Rs 980
Buy Titan Company with stop loss at Rs 950 and target of Rs 975
Sell Coal India with stop loss at Rs 232 and target of Rs 227
Mitessh Thakkar of mitesshthakkar.com
Buy Lupin with a stop loss of Rs 850 and target of Rs 885
Buy Indraprastha Gas with a stop loss of Rs 275 and target of Rs 290
Sell Glenmark Pharma with a stop loss of Rs 650.5 and target of Rs 620
Buy Wipro with a stop loss of Rs 338 and target of Rs 364
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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