After a sharp fall on April 10, the market remained rangebound throughout the session on April 11 and closed on a flat note. Traders maintained a cautious stance ahead of quarterly earnings of IT heavyweights TCS & Infosys and macro data (CPI inflation and industrial output) due today.
The BSE Sensex gained 21.66 points to close at 38,607.01 while the Nifty50 rose 12.40 points to 11,596.70 and formed small bullish candle which resembles a 'Doji' kind of formation on daily charts.
Nifty is trading in a zone of 11,550-11,700 from last few days and decisive price action is required to get further direction, experts said.
According to the Pivot charts, the key support level is placed at 11,562.57, followed by 11,528.43. If the index starts moving upward, key resistance levels to watch out are 11,618.77 and 11,640.83.
The Nifty Bank index closed at 29,786.10, down 17.40 points on April 11. The important Pivot level, which will act as crucial support for the index, is placed at 29,666.8, followed by 29,547.5. On the upside, key resistance levels are placed at 29,878.8, followed by 29,971.5.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Indiabulls Housing Finance with a stop loss of Rs 840, target of Rs 865
Buy Bharat Heavy Electricals with a stop loss of Rs 72, target of Rs 80
Buy Bajaj Finance with a stop loss Rs 3030, target of Rs 3120
Sell DLF with a stop loss of Rs 181, target of Rs 168
Sell NIIT Tech with a stop loss of Rs 1320, target of Rs 1265
Mitessh Thakkar of mitesshthakkar.com
Buy Ashok Leyland with a stop loss of Rs 92 and target of Rs 100
Buy BHEL with a stop loss of Rs 72 and target of Rs 79
Buy Tata Global Beverage with a stop loss of Rs 211 and target of Rs 223
Sell Jubilant Foodworks with a stop loss of Rs 1391 and target of Rs 1345
Prakash Gaba of prakashgaba.com
Buy ACC with target at Rs 1730 and stop loss at Rs 1655
Buy Reliance Industries with target at Rs 1382 and stop loss at Rs 1332
Buy United Spirits with target at Rs 570 and stop loss at Rs 555
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.
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!
