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The Nifty50 after opening higher extended its rally and hit a fresh intraday record high in early trade on August 21, but immediately cooled off to remain in the range of 42 points for rest of the session before ending the day at a record closing high.
The index formed a bearish candle on an intraday basis on daily candlestick charts as the closing value was lower than what it opened at. The pattern formed by Nifty was more like Hanging Man and Dragonfly Doji on the daily charts.
The Nifty50 opened the session at 11,576.20 and closed at 11,570.90 with gain of 19.10 points from its previous closing level of 11,551.75. The index gained to hit an intraday all-time of 11,581.75 which made a small upper shadow while it slipped to an intraday low of 11,539.60 which resulted in long lower shadow.
India VIX fell by 1.36 percent to 12.85 levels and overall lower volatility suggests a tight grip of the bulls in the market.
According to Pivot charts, the key support level is placed at 11,546.4, followed by 11,521.9. If the index starts moving upwards, key resistance levels to watch out are 11,588.6 and 11,606.3.
The Nifty Bank index closed at 28,257.90, down 16.35 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 28,171.24, followed by 28,084.57. On the upside, key resistance levels are placed at 28,325.24, followed by 28,392.57.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy NIIT Tech with a stop loss of Rs 1360, target of Rs 1410
Buy Dabur India with a stop loss of Rs 450, target of Rs 475
Buy Axis Bank with a stop loss of Rs 630, target of Rs 655
Buy Bajaj Finance with a stop loss of Rs 2850, target of Rs 2920
Buy Tata Elxsi with a stop loss of Rs 1425, target of Rs 1480
Prakash Gaba of prakashgaba.com
Buy NIIT Tech with target at Rs 1420 and stop loss at Rs 1340
Buy State Bank of India with target at Rs 313 and stop loss at Rs 303
Buy Strides Pharma with target at Rs 480 and stop loss at Rs 458
Buy Torrent Power with target at Rs 255 and stop loss at Rs 245
Mitessh Thakkar of mitesshthakkar.com
Buy Ambuja Cements with a stop loss of Rs 234 and target of Rs 250
Buy Colgate Palmolive with a stop loss of Rs 1152 and target of Rs 1195
Buy Grasim Industries with a stop loss of Rs 1048 and target of Rs 1100
Sell Indian Oil Corporation with a stop loss of Rs 160.5 and target of Rs 151
Buy Torrent Power with a stop loss of Rs 243 and target of Rs 261
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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