Sensex closed 429 points, or 1.05 percent, up at 41,323, while Nifty ended 133 points, or 1.11 percent, higher at 12,125.90.
The rally was broad-based as midcaps and small-caps also jumped, outperforming the benchmark Sensex. BSE Midcap and Smallcap indices rose 1.34 percent and 1.41 percent, respectively.
According to the pivot charts, the key support level for Nifty is placed at 12067.1, followed by 12008.3. If the index continues moving up, key resistance levels to watch out for are 12159.7 and 12193.5.
Nifty Bank closed 0.90 percent up at 30,838.20. The important pivot level, which will act as crucial support for the index, is placed at 30647.2, followed by 30456.2. On the upside, key resistance levels are placed at 30988.2 and 31138.2.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Century Textiles with a stop loss of Rs 610, target of Rs 635
Buy Reliance Industries with a stop loss of Rs 1480, target of Rs 1540
Buy Jubilant Food with a stop loss of Rs 1880, target of Rs 1940
Buy Bajaj Finance with a stop loss of Rs 4840, target of Rs 4920
Buy ICICI Prudential with a stop loss of Rs 480, target of Rs 515
Sudarshan Sukhani of s2analytics.com
Buy Bajaj Finserv with stop loss at Rs 9500 and target of Rs 10300
Buy Havells India with stop loss at Rs 611 and target of Rs 635
Buy NIIT Tech with stop loss at Rs 1850 and target of Rs 1945
Buy Century Textiles with stop loss at Rs 600 and target of Rs 628
Mitesh Thakkar of miteshthakkar.com
Buy Bharat Electronics with a stop loss of Rs 83 for target of Rs 88
Buy Cadila Healthcare with a stop loss of Rs 270 for target of Rs 288
Buy Equitas Holdings with a stop loss of Rs 110.5 for target of Rs 119
Buy Max Financial Services with a stop loss of Rs 509 for target of Rs 530
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.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.