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Bulls staged smart comeback on April 24 after selling pressure seen in previous three consecutive sessions. The rally in banking & financials and technology stocks lifted benchmark indices above their psychological levels (39,000 on Sensex and 11,700 on Nifty).
The BSE Sensex rallied 489.80 points or 1.27 percent to close at 39,054.68 while the Nifty50 climbed 150.20 points or 1.30 percent to 11,726.20 and formed strong bullish candle on daily charts.
The sharp rebound ahead of April F&O expiry indicated that uptrend may continue and Nifty could move towards an all-time high of 11,850 levels in the near term, experts said.
According to the Pivot charts, the key support level is placed at 11,623.07, followed by 11,519.93. If the index starts moving upward, key resistance levels to watch out are 11,785.07 and 11,843.93.
The Nifty Bank index closed at 29,860.80, up 381.10 points on April 24. The important Pivot level, which will act as crucial support for the index, is placed at 29,559, followed by 29,257.2. On the upside, key resistance levels are placed at 30,038.7, followed by 30,216.6.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Lupin with a stop loss of Rs 858, target of Rs 880
Buy UltraTech Cement with a stop loss of Rs 4360, target of Rs 4500
Buy HCL Tech with a stop loss of Rs 1120, target of Rs 1160
Buy Bata India with a stop loss of Rs 1450, target of Rs 1500
Buy Bajaj Finance with a stop loss of Rs 3070, target of Rs 3150
Sudarshan Sukhani of s2analytics.com
Buy Rural Electrification Corporation with stop loss at Rs 149 and target of Rs 154
Buy DCB Bank with stop loss at Rs 208 and target of Rs 217
Buy TVS Motor with stop loss at Rs 512 and target of Rs 524
Buy Hindustan Unilever with stop loss at Rs 1745 and target of Rs 1772
Sell NMDC with stop loss at Rs 103.5 and target of Rs 101
Mitessh Thakkar of mitesshthakkar.com
Buy Bajaj Finserv with a stop loss of Rs 7594 and target of Rs 7740
Buy HCL Tech with a stop loss of Rs 1120 and target of Rs 1175
Sell Dabur India with a stop loss of Rs 403 and target of Rs 388
Buy Hindustan Unilever with a stop loss of Rs 1739 and target of Rs 1780
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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