The market closed a rangebound session with moderate gains on July 17, backed by banking & financials, FMCG and technology stocks. However, the correction in auto and energy stocks limited gains on benchmark indices.
The BSE Sensex was up 84.60 points at 39,215.64 while the Nifty climbed 24.90 points to 11,687.50 and formed a small bullish candle which resembles Spinning Top kind of formation on daily charts.
The Nifty Midcap index was down 0.3 percent and Smallcap index fell 0.2 percent as about 928 shares declined against 874 advancing shares on the NSE.
According to the pivot charts, the key support level is placed at 11,656.9, followed by 11,626.3. If the index starts moving upward, the key resistance levels to watch out are 11,712.4 and 11,737.3.
The Nifty Bank closed at 30,735.50, up 164.70 points on July 17. The important pivot level, which will act as crucial support for the index, is placed at 30,602.63, followed by 30,469.77. On the upside, key resistance levels are placed at 30,834.03, followed by 30,932.56.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell ONGC with a stop loss of Rs 155, target of Rs 142
Buy Hindustan Unilever with a stop loss of Rs 1745, target of Rs 1800
Buy Colgate Palmolive with a stop loss of Rs 1150, target of Rs 1200
Buy IndusInd Bank with a stop loss of Rs 1480, target of Rs 1540
Buy State Bank of India with a stop loss of Rs 368, target of Rs 382
Mitessh Thakkar of mitesshthakkar.com
Sell Bata India with a stop loss of Rs 1372 and target of Rs 1325
Sell Eicher Motors with a stop loss of Rs 18800 and target of Rs 17500
Buy Kotak Mahindra Bank with a stop loss of Rs 1514 and target of Rs 1570
Sell Mahindra & Mahindra with a stop loss of Rs 626 and target of Rs 600
Jai Bala of cashthechaos.com
Short Torrent Pharma with stop loss of Rs 1630 and target of Rs 1405
Go long in Ceat with stop loss of Rs 870 and target of Rs 1000
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!
