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Benchmarks indices closed rangebound session on a flat note on February 22, but the broader markets outperformed as Nifty Midcap index rose 0.4 percent.
The 30-share BSE Sensex fell 26.87 points to 35,871.48 whereas the Nifty50 gained 1.8 points to close at 10,791.65. The index formed small bullish candle on the daily chart and 'Hammer' like a pattern on weekly scale.
For the week, the index rose 0.6 percent. It started the week on a negative note followed by recovery from around 10,600. The immediate resistance placed around 10,810 remained intact.
Chart pattern along with the position of leading indicators is pointing that the Nifty is unlikely to find an escape route out of the prolonged range 10,600-11,000, experts said.
According to Pivot charts, the key support level is placed at 10,766.23, followed by 10,740.77. If the index starts moving upward, key resistance levels to watch out are 10,809.33 and then 10,826.97.
The Nifty Bank index closed at 26,867.55, down 184.85 points on February 22. The important Pivot level, which will act as crucial support for the index, is placed at 26,811.17, followed by 26,754.73. On the upside, key resistance levels are placed at 26,960.67, followed by 27,053.73.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Rural Electrification Corporation with a target of Rs 142
Buy Jindal Steel & Power with a stop loss of Rs 156, target of Rs 170
Buy Balkrishna Industries with a stop loss of Rs 847, target of Rs 873
Buy Dabur India with a stop loss of Rs 430, target of Rs 450
Buy BEML with a stop loss of Rs 810, target of Rs 835
Sudarshan Sukhani of s2analytics.com
Buy Axis Bank with stop loss at Rs 690 and target of Rs 715
Buy Cipla with stop loss at Rs 535 and target of Rs 552
Buy Infosys with stop loss at Rs 725 and target of Rs 750
Sell Tata Power with stop loss at Rs 68 and target of Rs 66
Sell Chennai Petro with stop loss at Rs 219 and target of Rs 208
Mitessh Thakkar of mitesshthakkar.com
Buy Balkrishna Indistries with a stop loss of Rs 839 and target of Rs 885
Buy Dabur India with a stop loss of Rs 431 and target of Rs 445
Sell Kotak Mahindra Bank with a stop loss of Rs 1251 and target of Rs 1210
Buy Mahindra & Mahindra with a stop loss of Rs 638 and target of Rs 662
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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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