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The market snapped a three-day losing streak on December 26 and closed sharply higher with Nifty50 reclaiming 10,700 levels. In early trade, the index seemed to be heading towards a negative close amid weak global cues but short covering in the last couple of hours of trade helped it settle the session higher ahead of expiry of December derivative contracts.
The 30-share BSE Sensex climbed 179.79 points to 35,649.94 while the Nifty50 recovered nearly 200 points from day's low to close higher by 66.40 points at 10,729.90, forming bullish candle.
According to Pivot charts, the key support level is placed at 10,593.7, followed by 10,457.6. If the index starts moving upward, key resistance levels to watch out are 10,806.7 and then 10,883.6.
The Nifty Bank index closed at 26,986.80, up 272.05 points on December 26. The important Pivot level, which will act as crucial support for the index, is placed at 26,586.94, followed by 26,187.07. On the upside, key resistance levels are placed at 27,207.94, followed by 27,429.07.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Siemens with a stop loss of Rs 1020, target of Rs 1075
Buy Can Fin Homes with a stop loss of Rs 284, target of Rs 298
Buy Bajaj Finserv with a stop loss of Rs 6400, target of Rs 6550
Buy Jindal Steel & Power with a stop loss of Rs 158, target of Rs 170
Buy Hindustan Unilever with a stop loss of Rs 1775, target of Rs 1830
Sudarshan Sukhani of s2analytics.com
Buy Adani Ports with stop loss at Rs 370 and target of Rs 385
Buy Apollo Hospitals with stop loss at Rs 1250 and target of Rs 1300
Buy Larsen & Toubro with stop loss at Rs 1410 and target of Rs 1430
Buy Mahindra & Mahindra with stop loss at Rs 780 and target of Rs 805
Sell Tata Communications with stop loss at Rs 518 and target of Rs 500
Mitessh Thakkar of mitesshthakkar.com
Buy Adani Ports above Rs 378.5 with stop loss of Rs 373 and target of Rs 390-395
Buy Bharat Heavy Electricals with a stop loss of Rs 70 and target of Rs 76
Buy Equitas Holdings with a stop loss of Rs 123.8 and target of Rs 133
Buy Siemens with a stop loss of Rs 1018 and target of Rs 1070
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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