Top buy & sell ideas by Ashwani Gujral, Mitessh Thakkar, Prakash Gaba for short term

The Nifty50 after opening above psychological 11,000-mark hit a fresh five-month high following strong global cues, but saw some profit booking in later part of the session on Thursday.

The index formed a ‘Shooting Star’ kind of pattern on the daily charts. Traders turned cautious ahead of June retail inflation and May industrial output data due later in the day.

The BSE Sensex surpassed its previous life time high of 36,443 and made a new record high of 36,699 levels intraday, before ending at all-time closing high of 36,548.41 (up 282.48 points).

The Nifty50 after opening at 11,006.95 rallied 130 points to hit a fresh five-month high of 11,078.30, but traders preferred to book some profits in later part of the session. It closed 74.90 points higher at 11,023.20 and is 148 points away from its all-time high of 11,171.55 seen in January.

Some profit booking at higher levels made traders cautious about coming sessions. Hence the index needs to hold 11,000-mark for further uptrend but if it falls below that level, then there could be some selling pressure, experts said.

According to Pivot charts, the key support level is placed at 10,989.17, followed by 10,955.13. If the index starts moving upwards, key resistance levels to watch out are 11,067.77 and 11,112.33.

The Nifty Bank index closed at 27,026.55, up 210.35 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,920.2, followed by 26,813.8. On the upside, key resistance levels are placed at 27,148.9, followed by 27,271.2.

In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns: 

Ashwani Gujral of ashwanigujral.com

Sell PC Jeweller with a stop loss of Rs 124, target of Rs 112

Sell Bank of India with a stop loss of Rs 87, target of Rs 80

Sell Sun TV Network with a stop loss of Rs 792, target of Rs 770

Buy Bajaj Finserv with a stop loss of Rs 6200, target of Rs 6450

Buy Larsen & Toubro with a stop loss of Rs 1285, target of Rs 1340

Mitessh Thakkar of mitesshthakkar.com

Buy Bajaj Finance  with a stop loss of Rs 2394 and target of Rs 2460

Sell Biocon with a stop loss of Rs 625 and target of Rs 585

Buy Karnataka Bank with a stop loss of Rs 121 and target of Rs 130

Buy MRF with a stop loss of Rs 76400 and target of Rs 80000

Prakash Gaba of prakashgaba.com

Buy Bajaj Finserv with target at Rs 6375 and stop loss at Rs 6200

Buy Wipro with target at Rs 290 and stop loss at Rs 274

Sell Biocon with target at Rs 587 and stop loss at Rs 625

Sell UPL with target  at Rs 550 and stop loss at Rs 590

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.