Benchmark indices ended with strong gains on December 13, buoyed by positive global sentiment as investors cheered signs of progress in the US-China trade talks while hopes of a smooth Brexit grew stronger after a decisive election win by the Conservative Party in the UK polls.
Sensex settled 428 points, or 1.05 percent, higher at 41,009.71 while Nifty closed the day with a gain of 115 points, or 0.96 percent, at 12,086.70. Midcaps and Smallcaps, too, witnessed decent gains but underperformed the benchmark Sensex. BSE Midcap closed 0.92 percent up and the Smallcap index settled 0.82 percent higher.
For the week, both Sensex and Nifty climbed by 1.4 percent. Nifty as per weekly timeframe formed a long bull candle with lower shadow. This candle pattern was formed immediately after the formation of a bearish engulfing type pattern in the last week. This is a positive indication and one may expect further upside in the short-term, said experts.
According to the pivot charts, the key support level for Nifty is placed at 12,040.6, followed by 11,994.5. If the index continues moving up, key resistance levels to watch out for are 12,115.8 and 12,144.9.
Nifty Bank closed 1.10 percent up at 32,014.25. The important pivot level, which will act as crucial support for the index, is placed at 31,821.43, followed by 31,628.67. On the upside, key resistance levels are placed at 32,156.03 and 32,297.87.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy IndusInd Bank with a stop loss of Rs 1470, target of Rs 1510
Buy Axis Bank with a stop loss of Rs 746, target of Rs 770
Buy Maruti Suzuki with a stop loss of Rs 7190, target of Rs 7300
Buy State Bank of India with a stop loss of Rs 327, target of Rs 343
Buy HDFC with a stop loss of Rs 2340, target of Rs 2400
Sudarshan Sukhani of s2analytics.com
Buy ACC with stop loss at Rs 1410 and target of Rs 1465
Buy Piramal Enterprises with stop loss at Rs 1640 and target of Rs 1685
Buy Escorts with stop loss at Rs 570 and target of Rs 645
Mitesh Thakkar of miteshthakkar.com
Buy Ashok Leyland with a stop loss of Rs 78.8 and target of Rs 85
Buy Hindalco Industries with a stop loss of Rs 204 for target of Rs 218
Sell Interglobe Aviation with a stop loss of Rs 1341 for target of Rs 1290
Buy Larsen & Toubro with a stop loss of Rs 1290 for target of Rs 1340Disclaimer: 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.