Positive global cues, MSCI rejig, consistent buying by foreign investors, as well as some bit of short coverings ahead of F&O expiry, are the factors, experts said, that kept the market in the higher territory.
After the consolidation phase of the last three weeks, Nifty managed to close above its immediate hurdle of 12,035. It is now eyeing to touch a new record high.
According to the pivot charts, the key support level for Nifty is placed at 11,967.57, followed by 11,861.33. If the index continues moving up, key resistance levels to watch out for are 12,132.27 and 12,190.73.
Nifty Bank closed 1.43 percent up at 31,555.90. The important pivot level, which will act as crucial support for the index, is placed at 31,206.6, followed by 30,857.3. On the upside, key resistance levels are placed at 31,748.4 and 31,940.9.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy State Bank of India with a stop loss of Rs 330, target of Rs 352
Buy L&T Finance Holdings with a stop loss of Rs 100, target of Rs 112
Buy Adani Enterprises with a stop loss of Rs 210, target of Rs 225
Buy Tata Steel with a stop loss of Rs 416, target of Rs 434
Buy IndusInd Bank with a stop loss of Rs 1480, target of Rs 1540
Sudarshan Sukhani of s2analytics.com
Buy Berger Paints with stop loss at Rs 475 and target of Rs 500
Buy LIC Housing Finance with stop loss at Rs 425 and target of Rs 475
Buy Tech Mahindra with stop loss at Rs 740 and target of Rs 800
Sell Torrent Power with stop loss at Rs 290 and target of Rs 265
Mitesh Thakkar of miteshthakkar.com
Buy Axis Bank with a stop loss of Rs 744.9 and target of Rs 780
Buy Bank of India with a stop loss of Rs 72.5 and target of Rs 78.5
Buy Dr Reddy's Labs with a stop loss of Rs 2880 and target of Rs 3000
Buy Exide Industries with a stop loss of Rs 193.5 and target of Rs 205
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.
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