Equity markets bounced back today after three days of continuous fall, showing recovery from budget blues post strong PMI data. Sensex closed 137 points, or 0.34 percent, higher at 39,872.31 and Nifty settled 46 points, or 0.39 percent, higher at 11,707.90.
The manufacturing PMI data for India hit a near eight-year high in January, driven by a sharp rise in new business orders amid a rebound in demand conditions that led to a rise in production and hiring activity.
According to the pivot charts, the key support level for Nifty is placed at 11,631.67, followed by 11,555.43. If the index continues moving up, key resistance levels to watch out for are 11,766.97 and 11,826.03.
Nifty Bank closed 0.68 percent up at 30,023.25. The important pivot level, which will act as crucial support for the index, is placed at 29,721.93, followed by 29,420.66. On the upside, key resistance levels are placed at 30,215.13 and 30,407.07.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Asian Paints with a stop loss of Rs 1850, target of Rs 1910
Buy IndusInd Bank with a stop loss of Rs 1250, target of Rs 1285
Buy Bata India with a stop loss of Rs 1835, target of Rs 1890
Sell Bank of Baroda with a stop loss of Rs 90, target of Rs 78
Sell Indiabulls Housing Finance with a stop loss of Rs 262, target of Rs 246
Sudarshan Sukhani of s2analytics.com
Buy Bharti Airtel with stop loss at Rs 500 and target of Rs 525
Buy Nestle India with stop loss at Rs 15900 and target of Rs 16800
Buy Castrol India with stop loss at Rs 142 and target of Rs 156
Sell Tata Motors with stop loss at Rs 166 and target of Rs 157
Mitesh Thakkar of miteshthakkar.com
Buy Asian Paints with a stop loss of Rs 1843 and target of Rs 1920
Buy Bharti Airtel with a stop loss of Rs 504 and target of Rs 524
Sell L&T Finance Holdings around Rs 113.5 with stop loss of Rs 116 for target of Rs 107
Sell Canara Bank with a stop loss of Rs 190.25 and 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.