Mitessh Thakkar of mitesshthakkar.com suggests buying IDFC with a stop loss of Rs 47.5 and target of Rs 56, M&M above Rs 945 with stop loss of Rs 934 and target of Rs 980 and Muthoot Finance with a stop loss of Rs 414 and target of Rs 450.
The Nifty 50 opened above the 11,400-level for the first time and maintained positive momentum throughout the session on August 6. However, it failed to hold on to opening levels, forming a small bearish candle in intraday trade, resembling a Spinning Top kind of a pattern on daily charts.
The index closed higher, but closing value was lower than opening, which indicated that traders preferred to book profits at higher levels. It has to hold 11,400 levels on closing basis, only then strong momentum would be possible, experts said.
The Nifty index opened the gap up and made a new life time high of 11,428 by surpassing recent high of 11,390 levels. However, it failed to hold half of the gains and witnessed some profit booking to decline from higher levels.
The Nifty 50 after opening at 11,401.50 gained more strength to touch an intraday record high of 11,427.65, but it wiped out some gains in afternoon trade to hit the day's low of 11,370.60. The index closed 26.30 points higher at 11,387.10.
India VIX moved up by 3.39 percent to 12.49. Overall, lower volatility suggests that bulls are likely to hold the market on declines near to major support zones.
According to Pivot charts, the key support level is placed at 11,362.57, followed by 11,338.03. If the index starts moving upwards, key resistance levels to watch out are 11,419.67 and 11,452.23.
The Nifty Bank index closed at 27,898.50, up 203 points. The important Pivot level, which will act as crucial support for the index, is placed at 27,778.4, followed by 27,658.3. On the upside, key resistance levels are placed at 28,006.3, followed by 28,114.1.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Reliance Industries with a stop loss of Rs 1175, target of Rs 1235
Buy Reliance Capital with a stop loss of Rs 425, target of Rs 450
Buy Jubilant Foodworks with a stop loss of Rs 1475, target of Rs 1540
Buy Yes Bank with a stop loss of Rs 373, target of Rs 390
Buy Motherson Sumi Systems with a stop loss of Rs 309, target of Rs 326
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Sudarshan Sukhani of s2analytics.com
Buy Mahindra & Mahindra with a stop loss at Rs 925 and target of Rs 955
Buy Granules India with stop loss at Rs 106 and target of Rs 113
Buy Yes Bank with stop loss at Rs 372 and target of Rs 387
Sell DLF with stop loss at Rs 192 and target of Rs 183
Sell Tata Motors with stop loss at Rs 258 and target of Rs 243
Mitessh Thakkar of mitesshthakkar.com
Buy IDFC with a stop loss of Rs 47.5 and target of Rs 56
Buy M&M above Rs 945 with stop loss of Rs 934 and target of Rs 980
Buy Muthoot Finance with a stop loss of Rs 414 and target of Rs 450
Buy Reliance Capital with a stop loss of Rs 422 and target of Rs 450
Buy Ujjivan Financial around Rs 397 with stop loss of Rs 391 and target of Rs 410Disclaimer: 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.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.