Mitessh Thakkar of mitesshthakkar.com suggests buying Asian Paints around Rs 1255 with stop loss of Rs 1234 for target of Rs 1300 and Maruti Suzuki around Rs 7250 with stop loss below Rs 7100 for target of Rs 7590.
Bulls were back in action on October 12 as the market almost reversed the previous day's losses with Nifty 50 closing above the 10,450 level. The recovery in Asian peers, fall in crude oil prices and rupee appreciation led to broad-based buying.
The Nifty 50 formed a strong bullish candle on the daily scale and Hammer kind of formation on the weekly candlestick chart.
If the index crosses 10,500 decisively in the coming session, then the next hurdle of 10,547 may not be a difficult task for bulls to clear.
The Nifty 50 after opening sharply higher at 10,331.55 extended its rally as the day progressed and hit an intraday high of 10,492.45. The index closed 237.80 points higher at 10,472.50 and was up over a percent for the week.
India VIX fell sharply by 9.34 percent to 18.62 levels. The topping out formation of VIX suggests some relief in the market, while experts said that now the VIX has to cool down below the 17.50-17 zone to get the sign of consolidation or buying interest in the market.
According to pivot charts, the key support level is placed at 10,365.63, followed by 10,258.77. If the index starts moving upwards, key resistance levels to watch out are 10,535.93 and then 10,599.37.
The Nifty Bank index closed at 25,395.85, up 611.90 points. The important pivot level, which will act as crucial support for the index is placed at 25,086.07, followed by 24,776.34. On the upside, key resistance levels are placed at 25,594.87, followed by 25,793.93.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy PTC India with a stop loss of Rs 73, target of Rs 80
Buy DCB Bank with a stop loss of Rs 158, target of Rs 170
Buy Kotak Mahindra Bank with a stop loss of Rs 1150, target of Rs 1210
Buy United Spirits with a stop loss of Rs 510, target of Rs 535
Buy IndusInd Bank with a stop loss of Rs 1640, target of Rs 1685
Mitessh Thakkar of mitesshthakkar.com
Buy Asian Paints around Rs 1255 with stop loss of Rs 1234 for target of Rs 1300
Buy Berger Paints with a stop loss of Rs 278.5 and target of Rs 292
Sell Cipla with a stop loss of Rs 633.5 and target of Rs 602
Buy Maruti Suzuki around Rs 7250 with stop loss below Rs 7100 for target of Rs 7590
Prakash Gaba of prakashgaba.com
Buy Bharat Financial Inclusion with target of Rs 1050 and stop loss at Rs 1000
Buy Coal India with target at Rs 286 and stop loss at Rs 274
Buy L&T Finance Holdings with target at Rs 143 and stop loss at Rs 130
Buy Mahanagar Gas with target at Rs 860 and stop loss at Rs 817Disclaimer: 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.