Moneycontrol News
The Nifty50 after crossing 11,600 levels for the first time and hitting a fresh record in the opening cooled off in initial half an hour of trade itself to remain in a consolidation mode for rest of the session on Thursday.
The index closed mildly higher, forming Hanging Man kind of pattern on the daily candlestick charts as the opening value is lower than closing value.
The Nifty50 crossed 11,600 levels for the first time and opened at all-time intraday high of 11,620.70 but lost all gains in initial half an hour of trade itself to hit an intraday low of 11,546.70 and traded in a range of about 40 points for rest of the session. The index closed 11.90 points higher at 11,582.80.
According to Pivot charts, the key support level is placed at 11,546.1, followed by 11,509.4. If the index starts moving upwards, key resistance levels to watch out are 11,620.1 and 11,657.4.
The Nifty Bank index closed at 28,027.90, down 230 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 27,887, followed by 27,746.1. On the upside, key resistance levels are placed at 28,247.1, followed by 28,466.3.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Jindal Steel & Power with a stop loss of Rs 205, target of Rs 190
Sell Can Fin Homes with a stop loss of Rs 335, target of Rs 320
Buy Pidilite Industries with a stop loss of Rs 1150, target of Rs 1185
Buy Colgate Palmolive with a stop loss of Rs 1175, target of Rs 1230
Buy Exide Industries with a stop loss of Rs 296, target of Rs 312
Prakash Gaba of prakashgaba.com
Buy Ashok Leyland with target at Rs 137 and stop loss at Rs 130
Buy HCL Tech with target at Rs 1040 and stop loss at Rs 1016
Buy Maruti Suzuki with target at Rs 9365 and stop loss at Rs 9150
Buy Pidilite Industries with target at Rs 1190 and stop loss at Rs 1150
Mitessh Thakkar of mitesshthakkar.com
Buy HCL Tech with a stop loss of Rs 1008 and target of Rs 1060
Sell Indian Bank with a stop loss of Rs 339.5 and target of Rs 322
Sell Repco Home with a stop loss of Rs 593 and target of Rs 560
Buy Bharat Forge with a stop loss of Rs 640 and target of Rs 675
Buy NTPC with a stop loss of Rs 160 and target of Rs 172
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
