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The market jumped on April 5 after consolidating for a few sessions, driven by banking and financials and metals stocks. Technology stocks also participated in the run ahead of TCS and Infosys' March quarter earnings scheduled on April 12.
On April 5, the 30-share BSE Sensex climbed 177.51 points to 38,862.23 while the Nifty50 rose 67.95 points to 11,665.95 and formed bullish candle which resembles a 'Spinning Top' kind of formation on daily charts.
Nifty made a new life-time high of 11,761 during the week just eclipsing the previous high of 11,760 but consolidated for the most part of the week with buying interest on declines. The index rose 0.4 percent and formed 'Long Legged Doji' kind of pattern on the weekly scale.
According to the Pivot charts, the key support level is placed at 11,620.43, followed by 11,574.87. If the index starts moving upward, key resistance levels to watch out are 11,700.63 and 11,735.27.
The Nifty Bank index closed at 30,084.65, up 179.75 points on April 5. The important Pivot level, which will act as crucial support for the index, is placed at 29,898.47, followed by 29,712.23. On the upside, key resistance levels are placed at 30,222.47, followed by 30,360.23.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Can Fin Homes with a stop loss of Rs 355, target of Rs 372
Buy Cholamandalam Investment with a stop loss of Rs 1470, target of Rs 1510
Buy Bajaj Finance with a stop loss of Rs 3100, target of Rs 3165
Buy Jindal Steel & Power with a stop loss of Rs 182, target of Rs 194
Buy Vedanta with a stop loss of Rs 188, target of Rs 200
Sudarshan Sukhani of s2analytics.com
Buy Infosys with stop loss at Rs 755 and target of Rs 765
Buy HDFC with stop loss at Rs 2052 and target of Rs 2080
Buy Bajaj Finserv with stop loss at Rs 7360 and target of Rs 7450
Buy JSW Steel with stop loss at Rs 292 and target of Rs 299
Sell CG Power with stop loss at Rs 39.9 and target of Rs 38
Mitessh Thakkar of mitesshthakkar.com
Sell Colgate Palmolive with a stop loss of Rs 1241 and target of Rs 1200
Buy Tata Motors DVR with a stop loss of Rs 95.7 and target of Rs 106
Buy Tata Steel with a stop loss of Rs 539 and target of Rs 570
Buy Marico with a stop loss below Rs 350 for target of Rs 370
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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