The S&P BSE Sensex rose 321 points to 41,627 while the Nifty 50 ended at fresh record closing high of 12,282 with gains of nearly 100 points.
According to the pivot charts, the key support level for Nifty is placed at 12,221.63, followed by 12,161.07. If the index continues moving up, key resistance levels to watch out for are 12,316.33 and 12,350.47.
Nifty Bank closed 1.04 percent up at 32,443.85. The important pivot level, which will act as crucial support for the index, is placed at 32,221.67, followed by 31,999.53. On the upside, key resistance levels are placed at 32,565.67 and 32,687.53.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Reliance Industries with a stop loss of Rs 1520, target of Rs 1565
Buy RBL Bank with a stop loss of Rs 365, target of Rs 381
Buy Tata Motors with a stop loss of Rs 190, target of Rs 205
Buy LIC Housing Finance with a stop loss of Rs 453, target of Rs 470
Buy UltraTech Cement with a stop loss of Rs 4200, target of Rs 4350
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Rajat Bose of rajatkbose.com
Buy Ashok Leyland with stop loss below Rs 80.75 for target of Rs 90
Buy Aditya Birla Capital with stop loss below Rs 103.30 for target of Rs 112 and Rs 114
Buy Jubilant Foodworks with stop loss below Rs 1645 for target of Rs 1755
Buy Ceat with stop loss below Rs 1014 for target of Rs 1049 and Rs 1062
Mitesh Thakkar of miteshthakkar.com
Buy Cummins India with a stop loss of Rs 561 for target of Rs 588
Buy HDFC with a stop loss of Rs 2449 for target of Rs 2500
Buy Canara Bank with a stop loss of Rs 224 for target of Rs 240
Buy Edelweiss Financial Services with a stop loss of Rs 116 for target of Rs 129
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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.