The BSE Sensex rose 917 points, or 2.30 percent, to 40,789.38 while the Nifty50 closed with gains of 272 points, or 2.32 percent, at 11,979.65.
According to the pivot charts, the key support level for Nifty is placed at 11,846.67, followed by 11,713.63. If the index continues moving up, key resistance levels to watch out for are 12,049.47 and 12,119.23.
Nifty Bank closed 2.21 percent up at 30,686.70. The important pivot level, which will act as crucial support for the index, is placed at 30,320.43, followed by 29,954.17. On the upside, key resistance levels are placed at 30,914.93 and 31,143.17.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Titan Company with stop loss of Rs 1260, target of Rs 1310
Buy Motherson Sumi Systems with stop loss of Rs 130, target of Rs 141
Buy Reliance Industries with a stop loss of Rs 1410, target of Rs 1455
Buy ICICI Bank with a stop loss of Rs 525, target of Rs 550
Buy Maruti Suzuki with stop loss of Rs 7150, target of Rs 7300
Sudarshan Sukhani of s2analytics.com
Buy Arvind with stop loss at Rs 42 and target of Rs 46
Buy HDFC Bank with stop loss at Rs 1200 and target of Rs 1265
Buy United Spirits with stop loss at Rs 635 and target of Rs 668
Buy Shree Cements with stop loss at Rs 23500 and target of Rs 25900
Mitesh Thakkar of miteshthakkar.com
Sell Axis Bank with a stop loss of Rs 723 for target of Rs 700
Buy Balkrishna Industries with a stop loss of Rs 1109 for target of Rs 1160
Buy MRF with a stop loss of Rs 70400 for target of Rs 74000
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