Top buy and sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitesh Thakkar for short term

Domestic equity market remained under pressure for yet another session due to factors such as caution ahead of the Union Budget, tepid quarterly earnings and mixed global cues.

With a loss of 208 points or 0.50 percent, Sensex ended the session at 41,115.38 while Nifty closed the day at 12,106.90, down 63 points or 0.52 percent. BSE Midcap and Smallcap indices closed 0.32 percent and 0.13 percent lower, respectively.

Nifty continued to consolidate in the range of 11,800-12,500. Market experts said since the index was trading near the upper band of the range, selling pressure has pushed the index towards 12,100 level.
According to the pivot charts, the key support level for Nifty is placed at 12,054.87, followed by 12,002.83. If the index moves up, key resistance levels to watch out for are 12,191.97 and 12,277.03.

Nifty Bank closed 0.80 percent down at 30,701.45. The important pivot level, which will act as crucial support for the index, is placed at 30,493.9, followed by 30,286.4. On the upside, key resistance levels are placed at 31,029 and 31,356.6.