The market was rangebound from the opening tick and late strength helped the benchmark indices gain half a percent on November 19 driven by telecom and banks stocks. However, the weakness in auto, FMCG and metals stocks capped gains.
The BSE Sensex rose 185.51 points to 40,469.70 while the Nifty50 climbed 55.60 points to 11,940.10, forming bullish candle on daily charts, but the market breadth was negative.
The broader markets also gained momentum, with Nifty Midcap and Smallcap indices rising 0.2-0.3 percent but underperformed frontliners.
According to the pivot charts, key support level for Nifty is placed at 11,895, followed by 11,849.9. If the index continues moving up, key resistance levels to watch out for are 11,972 and 12,003.9.
Nifty Bank gained 0.79 percent to close at 31,236.25. The important pivot level, which will act as crucial support for the index, is placed at 31,040.96, followed by 30,845.73. On the upside, key resistance levels are placed at 31,364.76 and 31,493.33.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Union Bank with a stop loss of Rs 58, target of Rs 66
Buy Canara Bank with a stop loss of Rs 218, target of Rs 233
Buy Bank of India with a stop loss of Rs 70, target of Rs 82
Buy Manappuram Finance with a stop loss of Rs 164, target of Rs 178
Buy Reliance Industries with a stop loss of Rs 1500, target of Rs 1545
Sudarshan Sukhani of s2analytics.com
Buy Castrol India with stop loss at Rs 149 for target of Rs 165
Buy Manappuram Finance with stop loss at Rs 160 and target of Rs 185
Sell Pidilite Industries with stop loss at Rs 1330 and target of Rs 1255
Sell Interglobe Aviation with stop loss at Rs 1450 and target of Rs 1385
Mitesh Thakkar of miteshthakkar.com
Buy Axis Bank above Rs 751 with stop loss of Rs 743 for target of Rs 774
Buy Castrol India with a stop loss of Rs 150 for target of Rs 160
Sell Colgate Palmolive with a stop loss of Rs 1550 for target of Rs 1500
Disclaimer: Reliance Industries Ltd, which owns Jio, 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.
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