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The market staged a spectacular rally on March 11 with the Sensex rallying nearly 400 points and the Nifty 50 closing above the critical resistance level of 11,118. All sectoral indices participated in the rally barring IT, with Auto, Metals and PSU Bank rising 2-3 percent.
The 30-share BSE Sensex climbed 382.67 points or 1.04 percent to close at 37,054.10 after the Election Commission announced Lok Sabha poll dates. The Nifty 50 rallied 132.60 points or 1.20 percent to 11,168, the highest closing level of 2019 and formed bullish candle on the daily charts.
The VIX closing below crucial levels of 15 & USD/INR showing strength by trading below 70 a dollar support the current rally, he said, pointing out that Nifty has managed to close above stiff resistance of previous swing high level of 11,118.
According to Pivot charts, the key support level is placed at 11,091.57, followed by 11,015.13. If the index starts moving upward, key resistance levels to watch out are 11,212.67 and 11,257.33
The Nifty Bank index closed at 27,968.60, up 206.80 points on March 11. The important Pivot level, which will act as crucial support for the index, is placed at 27,826.73, followed by 27,686.77. On the upside, key resistance levels are placed at 28,071.13, followed by 28,175.57.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Hindustan Unilever with stop loss at Rs 1700 and target of Rs 1735
Buy Dabur India with stop loss at Rs 436 and target of Rs 448
Buy DCB Bank with stop loss at Rs 195 and target of Rs 204
Buy Aurobindo Pharma with stop loss at Rs 745 and target of Rs 760
Buy IndusInd Bank with stop loss at Rs 1502 and target of Rs 1530
Mitessh Thakkar of mitesshthakkar.com
Buy Aurobindo Pharma with a stop loss of Rs 736 and target of Rs 780
Buy Engineers India with a stop loss of Rs 113.4 and target of Rs 118.5
Buy Mahindra & Mahindra with a stop loss of Rs 669 and target of Rs 705
Buy Torrent Power with a stop loss below Rs 250 and target of Rs 270
Prakash Gaba of prakashgaba.com
Buy Ashok Leyland with target at Rs 100 and stop loss at Rs 92
Buy Hero MotoCorp with target at Rs 2900 and stop loss at Rs 2750
Buy Hindustan Unilever with target at Rs 1740-1750 and stop loss at Rs 1700
Buy Reliance Industries with target at Rs 1340 and stop loss at Rs 1290
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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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