The BSE Sensex rallied 413.45 points or 1.01 percent to 41,352.17. The Nifty 50 climbed 111 points or 0.92 percent to 12,165, taking the total gains to 333 points since last Wednesday, forming a bullish candle on the daily charts.
As the momentum is positive, the index is expected to march further and cross 12,200 levels in the coming sessions, experts feel.
The broader markets also gained momentum but underperformed the frontliners. The Nifty Midcap index was up 0.6 percent and Smallcap index gained 0.75 percent amid positive market breadth. About three shares advanced for every share falling on the NSE.
According to the pivot charts, the key support level for Nifty is placed at 12,095.93, followed by 12,026.87. If the index moves up, key resistance levels to watch out for are 12,208.43 and 12,251.87.
Nifty Bank closed 0.52 percent higher at 32,140.25. The important pivot level, which will act as crucial support for the index, is placed at 32,013.9, followed by 31,887.6. On the upside, key resistance levels are placed at 32,239.9 and 32,339.6.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy NIIT Tech with a stop loss of Rs 1580, target of Rs 1660
Buy Jindal Steel & Power with a stop loss of Rs 141, target of Rs 154
Buy Bharti Airtel with a stop loss of Rs 435, target of Rs 452
Buy Hindalco Industries with a stop loss of Rs 209, target of Rs 221
Buy Tata Motors with a stop loss of Rs 175, target of Rs 192
Buy Bharat Forge with a stop loss of Rs 484, target of Rs 510
Sudarshan Sukhani of s2analytics.com
Buy L&T Finance Holdings with stop loss at Rs 115 and target of Rs 124
Buy Tech Mahindra with stop loss at Rs 764 and target of Rs 795
Buy Motherson Sumi Systems with stop loss at Rs 137 and target of Rs 149
Sell Union Bank of India with stop loss at Rs 59 and target of Rs 56.7
Mitesh Thakkar of miteshthakkar.com
Buy Indraprastha Gas with a stop loss of Rs 426 and target of Rs 445
Buy Mahanagar Gas with a stop loss of Rs 1054 and target of Rs 1108
Sell M&M Financial Services around Rs 323 with stop loss of Rs 330 and target of Rs 308
Buy Tata Motors DVR with a stop loss of Rs 73.5 and target of Rs 80Disclaimer: 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.