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The Nifty50 after opening sharply higher hit a fresh intraday record high in the morning and remained rangebound throughout the session on Thursday, but the index formed small bearish candle on the daily charts as closing value is lower than opening value.
Not only frontline indices but also broader markets ended higher. The Nifty Midcap index was up half a percent while the BSE Sensex closed above
psychological 38,000-mark for the first time, up 136.81 points at 38,024.37.
The market has been consolidating from the beginning of week but the gradual upside continued which took the market to new record high levels, experts said, adding as the market is slowly moving into overbought position, traders are advised to trade with caution.
The Nifty50 after opening at 11,493.25 touched a fresh all-time high of 11,495.20 and traded in about 40-point range for rest of the session. The index ended at fresh record closing high of 11,470.70, up 20.70 points, and is 29 points away from 11,500 levels.
India VIX moved up by 1.33 percent at 12.70. Overall lower volatility suggests that bulls are likely to hold the market.
According to Pivot charts, the key support level is placed at 11,451.47, followed by 11,432.23. If the index starts moving upwards, key resistance levels to watch out are 11,492.57 and 11,514.43.
The Nifty Bank index closed at 28,320, up 257.55 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 28,180.2, followed by 28,040.4. On the upside, key resistance levels are placed at 28,411.6, followed by 28,503.2.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Power Finance Corporation with a stop loss of Rs 85, target of Rs 92
Buy Indraprastha Gas with a stop loss of Rs 298, target of Rs 315
Buy UltraTech Cement with a stop loss of Rs 4290, target of Rs 4400
Buy L&T Finance Holdings with a stop loss of Rs 176, target of Rs 190
Buy Bank of India with a stop loss of Rs 96, target of Rs 106
Prakash Gaba of prakashgaba.com
Buy Ashok Leyland with target at Rs 135 and stop loss at 126
Buy Power Grid with target at Rs 197 and stop loss at Rs 190
Buy Vedanta with target at Rs 240 and stop loss at Rs 225
Sell CESC with target at Rs 900 and stop loss at Rs 928
Rahul Mohindar of viratechindia.com
Buy Indraprastha Gas with stop loss of Rs 290 and target of Rs 325
Buy Yes Bank with stop loss at Rs 370 and target of Rs 403
Sell Larsen & Toubro with stop loss of Rs 1265 and target of Rs 1235
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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