The market gained for the third consecutive session with the Nifty closing above 11,100 levels on August 27, driven by banking & financials, auto, FMCG and metal stocks. Positive global cues and RBI's decision to transfer Rs 1.76 lakh crore to the government, aided sentiment.
The BSE Sensex climbed 147.15 points to 37,641.27 while the Nifty 50 rose 47.50 points to 11,105.40 and formed a Doji kind of candle on the daily charts, which generally signals indecisiveness among the bulls and bears.
The gains in broader markets were higher than benchmarks as the Nifty Midcap rose 0.74 percent and Smallcap index was up 1.8 percent.
According to the pivot charts, key support level is placed at 11,055.93, followed by 11,006.57. If the index starts moving upward, key resistance levels to watch out for are 11,148.23 and 11,191.17.
Nifty Bank closed at 28,126.15, up 0.63 percent on August 27. The important pivot level, which will act as crucial support for the index, is placed at 27,965.44, followed by 27,804.67. On the upside, key resistance levels are placed at 28,282.34 and 28,438.47.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy ACC with stop loss at Rs 1500 and target of Rs 1600
Buy Indraprastha Gas with stop loss at Rs 320 and target of Rs 350
Buy United Spirits with stop loss at Rs 580 and target of Rs 640
Sell Sun Pharma with stop loss at Rs 423 and target of Rs 409
Mitessh Thakkar of mitesshthakkar.com
Buy Berger Paints with a stop loss of Rs 362 and target of Rs 380
Buy Petronet LNG with a stop loss of Rs 251 and target of Rs 275
Buy Castrol India with a stop loss of Rs 124 and target of Rs 136
Buy HDFC AMC with stop loss of Rs 2350 and target of Rs 2480
Prakash Gaba of prakashgaba.com
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