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The 30-share BSE Sensex was up 89.32 points at 36,725.42 while the Nifty 50 gained 5.20 points at 11,058.20 and formed a small bearish candle resembling a 'Hanging Man' kind of formation on the daily charts.
Most analysts believe that the market seems to be in an overbought zone after the recent rally along with optimism in broader indices, which indicated that consolidation could be seen further.
According to Pivot charts, the key support level is placed at 11,027.2, followed by 10,996.2. If the index starts moving upward, key resistance levels to watch out are 11,089.1 and 11,120.
The Nifty Bank index closed at 27,764.60, up 138.95 points on March 7. The important Pivot level, which will act as crucial support for the index, is placed at 27,611.23, followed by 27,457.87. On the upside, key resistance levels are placed at 27,866.73, followed by 27,968.87.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Muthoot Finance with a stop loss of Rs 565, target of Rs 590
Buy Balkrishna Industries with a stop loss of Rs 910, target of Rs 945
Buy Arvind with a stop loss of Rs 87, target of Rs 95
Buy ITC with a stop loss of Rs 285, target of Rs 301
Mitessh Thakkar of mitesshthakkar.com
Sell Bosch with a stop loss of Rs 18625 and target of Rs 18050
Sell Infosys with a stop loss of Rs 733 and target of Rs 705
Buy ITC around Rs 288 with stop loss of Rs 284 and target of Rs 296
Buy Larsen & Toubro around Rs 1340 - 1345 with stop loss of Rs 1325 and target of Rs 1390
Prakash Gaba of prakashgaba.com
Buy Century Textiles with target at Rs 890 and stop loss at Rs 837
Buy Escorts with target at Rs 750 and stop loss at Rs 720
Buy ITC with target at Rs 295-300 and stop loss at Rs 287
Buy Mahindra & Mahindra with target at Rs 700 and stop loss at Rs 654
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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