Moneycontrol News
The market recouped losses in the last hour of trade and closed sharply higher for the fourth straight day on January 9, primarily driven by banking and financials, FMCG and auto stocks. Global indices also traded in the green as three-day talks between the US and China -- to quell trade tensions -- concluded.
The 30-share BSE Sensex rallied 231.98 points to 36,212.91 while the Nifty 50 climbed 53 points to 10,855.20, forming the Long Legged Doji kind of pattern on the daily charts.
Considering the volatility followed by a positive close over the last few sessions, experts have advised maintaining a cautious stance as the index is expected to be rangebound and Q3 earnings will be closely watched.
India VIX fell by 2.74 percent at 15.27 levels. VIX has to continue to hold below 16 zones to bounce back in the market.
According to Pivot charts, the key support level is placed at 10,779.6, followed by 10,704. If the index starts moving upward, key resistance levels to watch out are 10,900.6 and then 10,946.
The Nifty Bank index closed at 27,720.40, up 210.90 points on January 9. The important Pivot level, which will act as crucial support for the index, is placed at 27,501.8, followed by 27,283.2. On the upside, key resistance levels are placed at 27,846.7, followed by 27,973.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Federal Bank with a stop loss of Rs 95, target of Rs 102
Buy NIIT Tech with a stop loss of Rs 1150, target of Rs 1185
Buy State Bank of India with a stop loss of Rs 300, target of Rs 321
Buy ICICI Prudential Life Insurance with a stop loss of Rs 332, target of Rs 348
Sell HPCL with a stop loss of Rs 244, target of Rs 230
Sudarshan Sukhani of s2analytics.com
Buy RBL Bank with stop loss at Rs 567 and target of Rs 590
Buy UPL with stop loss at Rs 755 and target of Rs 780
Buy Dabur India with stop loss at Rs 416 and target of Rs 429
Sell IRB Infra with stop loss at Rs 160 and target of Rs 152
Sell Tata Steel with stop loss at Rs 487 and target of Rs 470
Mitessh Thakkar of mitesshthakkar.com
Sell Apollo Tyres with a stop loss of Rs 228.5 and target of Rs 214
Buy ICICI Prudential with a stop loss of Rs 328 and target of Rs 355
Buy ITC with a stop loss below Rs 285 and target of Rs 303
Sell NMDC with a stop loss of Rs 94 and target of Rs 85
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
