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The Nifty50 rallied for a fourth consecutive day in a row on February 5 and is trading well above crucial short and long-term moving averages. The index formed a bullish candle on daily charts and closed above 10,900 for the second day in a row.
One interesting thing which was visible on the charts was a buy signal triggered by MACD indicator on the daily charts. MACD stands for Moving Average Convergence/Divergence.
The MACD indicator is basically a refinement of the two moving averages system and measures the distance between the two moving average lines. The indicator gave a sell signal on January 24 and the index recorded an intraday low of 10,583 on January 29 before bouncing back towards 10,900 levels.
The index, which opened at 10,908, slipped to an intraday low of 10,886 before bouncing back towards 10900 levels. It hit an intraday high of 10,956 before closing the day at 10,934, up 22 points.
According to Pivot charts, the key support level is placed at 10,895.1, followed by 10,855.9. If the index starts moving upward, key resistance levels to watch out are 10,965.1 and then 10,995.9.
The Nifty Bank index closed at 27,271.7. The important Pivot level, which will act as crucial support for the index, is placed at 27,167.2, followed by 27,062.7. On the upside, key resistance levels are placed at 27,362.2, followed by 27,452.7.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy NIIT Tech with a stop loss of Rs 1300, target of Rs 1360
Buy UPL with stop loss of Rs 788, target of Rs 810
Buy Bata India with a stop loss of Rs 1160, target of Rs 1220
Sell BEML with a stop loss of Rs 770, target of Rs 745
Sell Sun Pharma with a stop loss of Rs 415, target of Rs 398
Sudarshan Sukhani of s2analytics.com
Buy Interglobe Aviation with stop loss at Rs 1160 and target of Rs 1195
Buy Piramal Enterprises with stop loss at Rs 2125 and target of Rs 2230
Buy Bajaj Finance with stop loss at Rs 2550 and target of Rs 2650
Sell Cummins India with stop loss at Rs 815 and target of Rs 780
Sell Godrej Industries with stop loss at Rs 500 and target of Rs 480
Mitessh Thakkar of mitesshthakkar.com
Buy Shriram Transport Finance with a stop loss of Rs 1050 and target of Rs 1098
Buy Tech Mahindra with a stop loss of Rs 740 and target of Rs 774
Sell Voltas below Rs 530 with stop loss of Rs 537.5 and target of Rs 512
Buy IndusInd Bank with a stop loss of Rs 1524 and target of Rs 1585
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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