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The Nifty50, after opening at fresh record high, erased gains after first hour of trade but managed to recoup those losses and remained higher for major part of the session on Monday.
The index continued its positive momentum, forming a 'Hanging Man' kind of pattern on the daily candlestick charts indicating that there could be some consolidation or correction going ahead.
The Nifty50 after opening at fresh record high of 11,296.65 hit 10,300-mark for the first time but corrected after first hour of trade to hit day's low of 11,261.45. The index managed to recoup those losses in late morning trade and hit a new intraday high of 11,328.10.
India VIX moved up by 1.52 percent to 12.49. Overall lower volatility suggests bulls are holding the tight grip on the market, experts said.
According to Pivot charts, the key support level is placed at 11,277.97, followed by 11,236.43. If the index starts moving upwards, key resistance levels to watch out are 11,344.57 and 11,369.63.
The Nifty Bank index closed at 27,842.60, up 208.2 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 27,675.77, followed by 27,508.94. On the upside, key resistance levels are placed at 27,941.57, followed by 28,040.53.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Bombay Dyeing with a stop loss of Rs 248, target of Rs 264
Buy VIP Industries with a stop loss of Rs 489, target of Rs 510
Buy ICICI Prudential Life with a stop loss of Rs 416, target of Rs 432
Buy Capital First with a stop loss of Rs 554, target of Rs 570
Buy Oriental Bank of Commerce with a stop loss of Rs 79, target of Rs 86
Sudarshan Sukhani of s2analytics.com
Buy Aurobindo Pharma with a stop loss at Rs 590 and target of Rs 620
Buy Bharat Electronics with a stop loss at Rs 104 and target of Rs 115
Buy Can Fin Homes with a stop loss at Rs 355 and target of Rs 375
Buy ONGC with a stop loss at Rs 160 and target of Rs 172
Sell Hindalco Industries with a stop loss at Rs 214 and target of Rs 206
Mitessh Thakkar of mitesshthakkar.com
Buy IDFC Bank with a stop loss of Rs 39.8 and target of Rs 44
Sell Infosys with a stop loss of Rs 1363.5 and target of Rs 1320
Buy Mahindra & Mahindra with a stop loss of Rs 919.5 and target of Rs 960
Buy Oriental Bank of Commerce around Rs 80 with stop loss of Rs 77.5 and target of Rs 86
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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