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The Nifty50 which reclaimed its crucial resistance level of 11100 levels in intraday trade failed to hold on gains as traders preferred to book profits at higher levels. The index closed around the same levels where it opened making a ‘Doji’ kind of candle on the daily charts.
The Nifty50 which opened at 11070 rose to an intraday high of 11,118 but then witnessed selling pressure at higher levels which pushed the index below 11100. The index hit an intraday low of 11043 before closing the day at 11,069, up 6.95 points.
The Bank Nifty traded in a range from 27,350 to 27,600 zones as buying interest was seen at lower levels while selling pressure at higher zones. It formed a bearish candle with the long upper shadow which indicates that follow up is missing at higher zones.
The index has to continue to hold above 27150 zones to extend its move towards 27500 then 27750 zones while on the downside support exists at 27000-26850 zones, suggest experts.
India VIX fell down by 1.25 percent at 15.43 levels. VIX needs to hold below 16 zones to extend its positive momentum with the hold above 10985 zones.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Dabur India with a stop loss of Rs 454, target of Rs 480
Buy Havells India with a stop loss of Rs 740, target of Rs 765
Buy Jubilant Food with a stop loss of Rs 1330, target of Rs 1375
Buy Manappuram Finance with a stop loss of Rs 100, target of Rs 112
Buy Bajaj Auto with a stop loss of Rs 2800, target of Rs 2950
Mitessh Thakkar of mitesshthakkar.com
Buy Dabur India with a stop loss below Rs 453 for target of Rs 474
Buy Bharti Infratel with a stop loss of Rs 298 and target of Rs 322
Sell Cummins India with a stop loss of Rs 785 and target of Rs 744
Buy ONGC with a stop loss of Rs 145 and target of Rs 155
Prakash Gaba of prakashgaba.com
Buy Ashok Leyland with target at Rs 95 and stop loss at Rs 85
Buy ICICI Prudential Life Insurance with target at Rs 330 and stop loss at Rs 300
Buy M&M Financial Services with target at Rs 440 and stop loss at Rs 400
Buy Power Finance Corporation with target at Rs 108 and stop loss at Rs 103
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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