The market snapped out of its six-day losing streak with the benchmark indices closing marginally higher amid volatility on July 26, which was partly led by short covering and long buildup. The pull-back rally seen on July 26 was after benchmark indices shed more than 3.5 percent over the previous six consecutive sessions, driven by banking and financials and auto stocks.
The BSE Sensex was up 51.81 points at 37,882.79, while the Nifty50 gained 32.10 points at 11,284.30 and formed a small bullish candle on daily charts.
The index fell 1.18 percent for the week and formed a bearish candle for the third consecutive week, which indicated that the bears still have the upper-hand on Dalal Street. Hence the pull-back rally seen on July 26 can be extended smartly only if the index closes decisively above its 11,300 levels in the coming sessions, experts feel.
The broader markets were mixed in trade once again with the Nifty Midcap index gaining 0.6 percent while the Smallcap index was down 0.05 percent. For the week, indices lost 1.6 percent and 2.5 percent respectively.
According to the pivot charts, the key support level is placed at 11,227, followed by 11,169.7. If the index starts moving upward, the key resistance levels to watch for out are 11,324.6 and 11,364.9.
The Nifty Bank closed at 29,325.30, up by 282.25 points on July 26. The important pivot level, which will act as crucial support for the index, is placed at 29,086.84, followed by 28,848.37. On the upside, key resistance levels are placed at 29,471.44, and 29,617.57.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Apollo Hospitals with a stop loss of Rs 1350, target of Rs 1400
Buy Titan Company with a stop loss of Rs 1090, target of Rs 1135
Buy Mahindra & Mahindra with a stop loss of Rs 559, target of Rs 572
Buy Federal Bank with a stop loss of Rs 92, target of Rs 104
Buy Axis Bank with a stop loss of Rs 720, target of Rs 745
Sudarshan Sukhani of s2analytics.com
Buy Castrol India with stop loss of Rs 124 and target of Rs 131
Buy Kotak Mahindra Bank with stop loss at Rs 1490 and target of Rs 1545
Buy ICICI Prudential Life with stop loss at Rs 394 and target of Rs 418
Buy Arvind with stop loss at Rs 59 and target of Rs 63.5
Sell Page Industries with stop loss at Rs 19100 and target of Rs 17600
Mitessh Thakkar of mitesshthakkar.com
Buy Dabur India with a stop loss of Rs 422 and target of Rs 440
Buy ICICI Prudential with a stop loss of Rs 395.5 and target of Rs 418
Buy Manappuram Finance with a stop loss of Rs 111.7 and target of Rs 118
Buy Tata Global Beverage with a stop loss of Rs 254 and target of Rs 266
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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