The formation of the head and shoulder patterns are still intact in the Nifty, as per the daily time frame chart. This neckline of this pattern is at 11,880-900 level. A sustainable move below this area could open up a sharp weakness in the market ahead, said experts.
According to the pivot charts, the key support level for Nifty is placed at 11,889.67, followed by 11,841.83. If the index continues moving up, key resistance levels to watch out for are 11,983.67 and 12,029.83.
Nifty Bank closed slightly lower by 0.03 percent at 31,332.10. The important pivot level, which will act as crucial support for the index, is placed at 31,113.3, followed by 30,909.9. On the upside, key resistance levels are placed at 31,528.9 and 31,741.1.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy BPCL with stop loss at Rs 494 and target of Rs 509
Buy Mahanagar Gas with stop loss at Rs 1020 and target of Rs 1075
Buy Jindal Steel & Power with stop loss at Rs 140 and target of Rs 148
Sell Just Dial with stop loss at Rs 575 and target of Rs 550
Mitesh Thakkar of miteshthakkar.com
Buy HDFC Bank with a stop loss of Rs 1232 for target of Rs 1265
Buy JSW Steel with a stop loss of Rs 254 for target of Rs 269
Sell Tata Power with a stop loss of Rs 54.5 for target of Rs 48
Sell HCL Tech with a stop loss of Rs 559 for target of Rs 538
Prakash Gaba of prakashgaba.com
Buy Mahanagar Gas with target at Rs 1060 and stop loss at Rs 1030
Sell Coal India with target at Rs 185 and stop loss at Rs 193
Sell Indiabulls Housing Finance with target at Rs 240 and stop loss at Rs 270
Sell Larsen & Toubro with target at Rs 1250 and stop loss at Rs 1290
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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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