The market mood remained positive for the fourth consecutive session with the Nifty 50 closing a tad below 11,950 level on July 4. The index rallied more than 150 points in four straight days ahead of Union Budget.
Volatility is highly likely on Budget day on July 5 but any strong surprise can take it towards a record high of around 12,100. Otherwise, there could be profit booking, experts feel. The BSE Sensex gained 68.81 points to close at 39,908.06 while the Nifty 50 rose 30 points to 11,946.80
and formed small bullish candle on daily charts.
The broader markets ended mixed with the Nifty Midcap index falling 0.03 percent while Smallcap index gained 0.5 percent. Among sectors, PSU Bank index gained over a percent on the hope of a bigger amount towards recapitalisation from the government in Union Budget.
According to Pivot charts, the key support level is placed at 11,923.93, followed by 11,901.07. If the index starts moving upward, the key resistance levels to watch out are 11,969.43 and 11,992.07.
The Nifty Bank closed at 31,471.85, up 89.55 points on July 4. The important Pivot level, which will act as crucial support for the index, is placed at 31,397.17, followed by 31,322.53. On the upside, key resistance levels are placed at 31,577.37, followed by 31,682.94.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy ICICI Prudential with a stop loss of Rs 388, target of Rs 405
Buy UPL with a stop loss of Rs 690, target of Rs 715
Buy Amara Raja Batteries with a stop loss of Rs 640, target of Rs 665
Buy UltraTech Cement with a stop loss of Rs 4630, target of Rs 4700
Buy Siemens with a stop loss of Rs 1345, target of Rs 1390
Sudarshan Sukhani of s2analytics.com
Buy ACC with stop loss at Rs 1550 and target of Rs 1600
Sell Tata Motors with stop loss at Rs 168 and target of Rs 162
Sell Hindalco Industries with stop loss at Rs 209 and target of Rs 203
Mitessh Thakkar of mitesshthakkar.com
Buy Grasim Industries with a stop loss of Rs 929 and target of Rs 965
Buy ICICI Prudential with a stop loss of Rs 387 and target of Rs 405
Buy Petronet LNG with a stop loss of Rs 246 and target of Rs 266
Sell Titan Company with a stop loss of Rs 1306 and target of Rs 1260
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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