The Indian market scaled new peaks in the week ended January 17 with Sensex climbing Mount 42k for the first time. Optimism over the upcoming Budget on February 1 and the ongoing Q3 earnings season helped bulls maintain their hold on the D-Street.
The rally finally seems to be getting broad-based as Nifty Midcap and Smallcap indices managed to outperform the frontliners. Both indices logged 4 percent gains in the week gone by, compared to the BSE Sensex and Nifty50 which gained 0.8 percent each.
According to the pivot charts, the key support level for Nifty is placed at 12,320.63, followed by 12,288.97. If the index moves up, key resistance levels to watch out for are 12,384.73 and 12,417.17.
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The Nifty Bank ended 0.83 percent lower at 31,590.65. The important pivot level, which will act as crucial support for the index, is placed at 31,432.93 followed by 31,275.17. On the upside, key resistance levels are placed at 31,761.03 and 31,931.37.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
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Buy Vinati Organics with a stop loss of Rs 2100, target of Rs 2175
Buy Adani Enterprises with a stop loss of Rs 224, target of Rs 238
Buy Dr Reddy's Labs with a stop loss of Rs 3000, target of Rs 3120
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Sell BPCL with a stop loss of Rs 459, target of Rs 443
Sell Jindal Steel & Power with a stop loss of Rs 180, target of Rs 168
Sudarshan Sukhani of s2analytics.com
Buy Cadila Healthcare with stop loss at Rs 264 and target of Rs 279
Buy Colgate Palmolive with stop loss at Rs 1490 and target of Rs 1535
Buy Lupin with stop loss at Rs 758 and target of Rs 789
Sell Bharti Infratel with stop loss at Rs 226 and target of Rs 204
Mitesh Thakkar of miteshthakkar.com
Buy Castrol India with a stop loss of Rs 133 for target of Rs 145
Buy CESC with a stop loss of Rs 750 and target of Rs 810
Buy Glenmark Pharma with a stop loss of Rs 353.5 for target of Rs 376
Buy Century Ply with a stop loss of Rs 165 for target of Rs 180
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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