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Late recovery helped the market close higher for the sixth consecutive session on March 18, but the Nifty50 failed to hold on to 11,500 levels due to some profit booking.
Positive Asian cues, and buying in banking and financials and FMCG stocks pushed the BSE Sensex 70.75 points higher to 38,095.07 while the Nifty50
climbed 35.35 points to 11,462.20 and formed Long-Legged Doji pattern on daily charts.
As far as Nifty options activities are concerned, fresh writing took place in 11,500-11,700 call options. On the other side, open interest addition was seen in 11,400 and 11,500 put options. Now, the maximum open interest concentration for March series is placed at 11,500 call and 11,000 put options.
As the outstanding contracts in futures segment is heavy now, she would advise traders to lighten up their positions in index and prefer trading in individual counters for better risk reward ratio.
According to the Pivot charts, the key support level is placed at 11,406.4, followed by 11,350.6. If the index starts moving upward, key resistance levels to watch out are 11,524.1 and 11,586.
The Nifty Bank index closed at 29,596.10, up 214.65 points on March 18. The important Pivot level, which will act as crucial support for the index, is placed at 29,367.86, followed by 29,139.63. On the upside, key resistance levels are placed at 29,818.16, followed by 30,040.23.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Tata Chemicals with stop loss at Rs 581 and target of Rs 610
Buy Godrej Consumer Products with stop loss at Rs 709 and target of Rs 725
Buy Interglobe Aviation with stop loss at Rs 1305 and target of Rs 1342
Buy Axis Bank with stop loss at Rs 741 and target of Rs 766
Mitessh Thakkar of mitesshthakkar.com
Buy Bank of India with a stop loss of Rs 92.7 and target of Rs 100
Sell Amara Raja Batteries with a stop loss of Rs 745 and target of Rs 710
Buy Oriental Bank of Commerce with a stop loss of Rs 100.5 and target of Rs 110
Buy PVR with a stop loss below Rs 1660 and target of Rs 1750
Prakash Gaba of prakashgaba.com
Buy Axis Bank with target at Rs 775 and stop loss at Rs 740
Buy Bank of India with target at Rs 100 and stop loss at Rs 93
Buy Bharti Infratel with target at Rs 330 and stop loss at Rs 310
Buy JSW Steel with target at Rs 308 and stop loss at Rs 287
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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