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The market closed volatile session on a positive note Tuesday, led by the smart recovery in last couple of hours of trade. Banking & financials, auto, metals and pharma stocks supported the Nifty50.
Progress in NPA resolution and positive global cues amid trade talks between US & China lifted market sentiment.
The 30-share BSE Sensex was up 130.77 points at 35,980.93 while the Nifty50 climbed 30.40 points to close at 10,802.20 and formed small bullish candle which resembles a 'Hammer' kind of pattern on the daily charts.
India VIX fell by 3.68 percent to 15.70 levels. VIX needs to hold below 16 zones to again get a bounce back move in the market else roller coaster ride could continue.
According to Pivot charts, the key support level is placed at 10,750.77, followed by 10,699.33. If the index starts moving upward, key resistance levels to watch out are 10,836.07 and then 10,869.93.
The Nifty Bank index closed at 27,509.50, up 204.95 points on January 8. The important Pivot level, which will act as crucial support for the index, is placed at 27,266.8, followed by 27,024.1. On the upside, key resistance levels are placed at 27,647.3, followed by 27,785.1.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Punjab National Bank with a stop loss of Rs 79, target of Rs 87
Buy Union Bank of India with a stop loss of Rs 90, target of Rs 102
Buy Indian Bank with a stop loss of Rs 253, target of Rs 267
Buy Canara Bank with a stop loss of Rs 284, target of Rs 298
Buy Bank of Baroda with a stop loss of Rs 120, target of Rs 132
Sudarshan Sukhani of s2analytics.com
Buy Colgate Palmolive with stop loss at Rs 1290 and target of Rs 1335
Buy Engineers India with stop loss at Rs 123 and target of Rs 128
Buy Godrej Industries with stop loss at Rs 526 and target of Rs 546
Buy Wockhardt with stop loss at Rs 500 and target of Rs 530
Sell Zee Entertainment with stop loss at Rs 460 and target of Rs 440
Mitessh Thakkar of mitesshthakkar.com
Buy Axis Bank with a stop loss below Rs 638 for target of Rs 675
Buy ICICI Bank with a stop loss of Rs 369.4 and target of Rs 400
Buy MCX India with a stop loss of Rs 733 and target of Rs 765
Buy State Bank of India with a stop loss of Rs 299.4 and target of Rs 318
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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