Bulls were back in action on Dalal Street with the Nifty 50 reclaiming 11,000 and Sensex climbing above 37,000 levels on August 8. Media reports suggesting a potential rollback of surcharge on the super-rich and a delay in vehicle registration fees by a year lifted sentiment.
The BSE Sensex rallied 636.86 points or 1.74 percent to close at 37,327.36 while the Nifty 50 rose 177 points or 1.63 percent to 11,032.50, forming a bullish candle on daily charts.
All sectoral indices closed in green with Auto rallying the most with 3 percent gains. Auto, FMCG, IT, Metal and Realty indices gained 1-2 percent.
The broader markets underperformed frontliners with the Nifty Midcap index rising 0.7 percent and Smallcap index climbing a percent.
According to the pivot charts, the key support level is placed at 10,897.67, followed by 10,762.83. If the index starts moving upward, the key resistance levels to watch for out are 11,112.67 and 11,192.83.
The Nifty Bank closed at 28,110.45, up by 408.40 points on August 8. The important pivot level, which will act as crucial support for the index, is placed at 27,685.13, followed by 27,259.87. On the upside, key resistance levels are placed at 28,381.63 and 28,652.87.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Pidilite Industries with a stop loss of Rs 1300, target of Rs 1360
Buy Bata India with a stop loss of Rs 1410, target of Rs 1450
Buy Bajaj Finance with a stop loss of Rs 3300, target of Rs 3410
Buy HDFC Bank with a stop loss of Rs 2210, target of Rs 2270
Mitessh Thakkar of mitesshthakkar.com
Buy Escorts with a stop loss of Rs 475 and target of Rs 500
Buy Marico with a stop loss of Rs 377 and target of Rs 396
Buy Reliance Industries with a stop loss of Rs 1138 and target of Rs 1180
Buy Apollo Tyres with a stop loss of Rs 154 and target of Rs 165
Prakash Gaba of prakashgaba.com
Buy Glenmark Pharma with target at Rs 440 and stop loss at Rs 418
Buy HDFC Bank with target at Rs 2280 and stop loss at Rs 2215
Buy JSW Steel with target at Rs 235 and stop loss at Rs 215
Buy Reliance Industries with target at Rs 1200 and stop loss at Rs 1128
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/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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