Ashwani Gujral of ashwanigujral.com recommends buying ICICI Bank with a stop loss of Rs 315, target of Rs 332, Reliance Industries with a stop loss of Rs 1200, target of Rs 1265 and Ajanta Pharma with a stop loss of Rs 1170, target of Rs 1225.
Bulls pushed the Nifty index to a record high of 11,459.95 Wednesday after two straight days of consolidation, but analysts’ feel investors should tread with cautions as the index is near crucial resistance levels.
The index formed a bullish candle on the daily charts after two successive bearish candles. The next crucial resistance for the index is placed at 11,500-11530 while support is placed at 11,330, suggest experts.
The Nifty 50 which opened at 11,412 hit a record high of 11,459. It hit an intraday low of 11,379 before closing the day 60 points higher at 11,450.
The action on the banking space really stood out. Bank Nifty has been making higher lows from last four trading sessions and made a new lifetime high at 28,128 marks.
The index formed a Bullish candle on the daily scale with the highest ever daily closing ahead of weekly expiry day. It has to hold above 27,900 zones to extend its move towards 28,250 zones while major support is seen at 27,650 zones.
According to Pivot charts, the key support level is placed at 11,399.53, followed by 11,349.07. If the index starts moving upwards, key resistance levels to watch out are 11,480.23 and 11,510.47.
The Nifty Bank index closed at 28,062.4. The important Pivot level, which will act as crucial support for the index, is placed at 27,904.57, followed by 27,746.73. On the upside, key resistance levels are placed at 28,174.46, followed by 28,286.53.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy ICICI Bank with a stop loss of Rs 315, target of Rs 332
Buy Reliance Industries with a stop loss of Rs 1200, target of Rs 1265
Buy Ajanta Pharma with a stop loss of Rs 1170, target of Rs 1225
Buy HEG with a stop loss of Rs 4200, target of Rs 4550
Buy Graphite India with a stop loss of Rs 1040, target of Rs 1100
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Sudarshan Sukhani of s2analytics.com
Buy Hindustan Unilever with a stop loss at Rs 1740 and target of Rs 1800
Buy IndusInd Bank with a stop loss at Rs 1980 and target of Rs 2040
Buy Strides Shasun with a stop loss at Rs 400 and target of Rs 430
Sell Bajaj Auto with a stop loss at Rs 2700 and target of Rs 2600
Sell CESC with a stop loss at Rs 940 and target of Rs 910
Mitessh Thakkar of mitesshthakkar.com
Buy Bharat Electronics with a stop loss of Rs 116 and target of Rs 129
Buy IDFC with a stop loss of Rs 47.3 and target of Rs 52
Sell Lupin with a stop loss of Rs 840.5 and target of Rs 795
Sell Raymond with a stop loss of Rs 792 and target of Rs 755
Buy RBL Bank with a stop loss of Rs 563 and target of Rs 588Disclaimer: 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.