Prakash Gaba of prakashgaba.com recommends buying Escorts with target at Rs 555 and stop loss at Rs 525 and Indian Oil Corporation with target at Rs 135 and stop loss at Rs 128.
Equity benchmarks closed with healthy gains on September 13, on hopes of fresh stimulus from the government amid positive global cues.
In a bid to arrest the current economic slowdown, Finance Minister Nirmala Sitharaman on September 14 announced further relief measures with a focus on reviving the housing and export sectors.
After range-bound trade for most part of the day, markets recovered sharply in the late afternoon session and gained nearly a percent amid volatility on September 13.
The Nifty index closed 93 points, or 0.85 percent, higher at 11,075.90, with 41 stocks up and 9 down. BSE Midcap (up 0.41 percent) underperformed Sensex whereas BSE Smallcap (up 0.82 percent) outperformed the equity benchmark.
Among the sectoral indices on BSE, only BSE Telecom and BSE Healthcare settled with losses, falling 0.53 percent and 0.38 percent, respectively. The breadth of the market remained in the favour of gainers as 1,513 stocks logged gains against 960 that suffered losses on BSE.
On a weekly basis, both Sensex and Nifty advanced by over a percent. Analysts say the market is expected to undergo profit booking from the current levels and any upmove could be a bull trap as it is unlikely that bourses will move substantially higher in the short term.
According to the pivot charts, key support level for Nifty is placed at 10,986.3, followed by 10,896.7. If the index remains on upward trajectory, key resistance levels to watch out for are 11,125.0 and 11,174.1.
The Nifty Bank closed at 11,075.90, up 0.85 percent on September 13. The important pivot level, which will act as crucial support for the index, is placed at 27,739.2, followed by 27,379.6. On the upside, key resistance levels are placed at 28,292.6 and 28,486.4.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Sell Bharat Petroleum Corporation with stop loss at Rs 390 and target of Rs 365
Sell Punjab National Bank with stop loss at Rs 66 and target of Rs 61
Buy Adani Ports with stop loss at Rs 360 and target of Rs 385
Buy HDFC with stop loss at Rs 2030 and target of Rs 2200
Mitessh Thakkar of mitesshthakkar.com
Buy ONGC with a stop loss of Rs 126 and target of Rs 135
Sell IDFC First Bank with a stop loss of Rs 43 and target of Rs 40.5
Buy Bharat Electronics with a stop loss of Rs 106 and target of Rs 114
Sell Glenmark Pharma with a stop loss of Rs 380 and target of Rs 345
Prakash Gaba of prakashgaba.com
Buy Escorts with target at Rs 555 and stop loss at Rs 525
Buy Indian Oil Corporation with target at Rs 135 and stop loss at Rs 128
Buy Kajaria Ceramics with target at Rs 540 and stop loss at Rs 504
Buy State Bank of India with target at Rs 300 and stop loss at Rs 287Disclaimer: 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.The Great Diwali Discount!
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