Sensex ended 635 points, or 1.55 percent, higher at 41,452.35, while Nifty50 closed 191 points, or 1.58 percent, up at 12,215.90. The rally was broad-based as the BSE Midcap (up 1.51 percent) and Smallcap (up 1.55 percent) indices rose in sync with the benchmarks.
Nifty formed a bullish candle on the daily chart. After showing a promising upside bounce from the lows in the last session, Nifty formed a long bull candle with a gap up opening and closed near the highs.
According to the pivot charts, the key support level for Nifty is placed at 12,157.6, followed by 12,099.3. If the index continues moving up, key resistance levels to watch out for are 12,249.1 and 12,282.3.
Nifty Bank closed 2.29 percent up at 32,092.40. The important pivot level, which will act as crucial support for the index, is placed at 31,782.16, followed by 31,471.93. On the upside, key resistance levels are placed at 32,287.66 and 32,482.93.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Tata Motors with a stop loss of Rs 189, target of Rs 203
Buy JSW Steel with a stop loss of Rs 274, target of Rs 288
Buy Voltas with a stop loss of Rs 679, target of Rs 700
Buy Escorts with a stop loss of Rs 640, target of Rs 665
Buy Reliance Industries with a stop loss of Rs 1540, target of Rs 1575
Mitesh Thakkar of miteshthakkar.com
Buy DLF with a stop loss of Rs 232.9 for target of Rs 250
Buy L&T Finance Holdings with a stop loss below Rs 120.5 for target of Rs 129
Buy PFC above Rs 120.5 with stop loss of Rs 118 for target of Rs 126
Sell Britannia Industries below Rs 2984 with stop loss of Rs 3011 for target of Rs 2920
Prakash Gaba of prakashgaba.com
Buy Interglobe Aviation with target at Rs 1450 and stop loss at Rs 1385
Buy Reliance Industries with target at Rs 1575 and stop loss at Rs 1532
Buy United Spirits with target at Rs 605 and stop loss at Rs 580
Buy Mahindra & Mahindra with target of Rs 550 and stop loss at Rs 535
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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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