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The Nifty 50 rebounded from two-day losses Tuesday and extended the rally on August 14 despite volatility in the rupee, which breached the 70 to a US dollar-mark.
The index closed decisively above the psychological 11,400 levels despite mixed global cues, forming bullish candle on the daily candlestick charts.
The broad-based rally saw all sectoral indices end in the green with pharma leading the charge with a 3 percent rise. The broader markets also participated in the up move, with the Nifty Midcap index rising a percent.
After opening higher at 11,381.70, the Nifty extended gains as the day progressed and crossed 11,400 levels to hit an intraday high of 11,452.45. The index closed 79.30 points higher at 11,435.10.
According to Pivot charts, the key support level is placed at 11,386.43, followed by 11,337.77. If the index starts moving upwards, key resistance levels to watch out are 11,468.13 and 11,501.17.
The Nifty Bank index closed at 28,021.70, up 227.30 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 27,900.04, followed by 27,778.37. On the upside, key resistance levels are placed at 28,098.24, followed by 28,174.77.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell SREI Infra with a stop loss of Rs 52, target of Rs 46
Sell Raymond with a stop loss of Rs 770, target of Rs 745
Buy Dewan Housing Finance with a stop loss of Rs 653, target of Rs 675
Buy Biocon with a stop loss of Rs 584, target of Rs 610
Buy Aurobindo Pharma with a stop loss of Rs 625, target of Rs 650
Sudarshan Sukhani of s2analytics.com
Buy Titan Company with a stop loss at Rs 915 and target of Rs 945
Buy V-Guard Industries with a stop loss at Rs 210 and target of Rs 225
Buy Torrent Pharma with a stop loss at Rs 1695 and target of Rs 1740
Sell CESC with stop loss at Rs 917 and target of Rs 887
Sell BPCL with a stop loss at Rs 383 and target of Rs 365
Mitessh Thakkar of miteshthacker.com
Sell Adani Ports with a stop loss of Rs 378 and target of Rs 362
Sell Hero MotoCorp with a stop loss of Rs 3320 and target of Rs 3150
Sell Larsen & Toubro with a stop loss of Rs 1265 and target of Rs 1230
Buy Sun Pharma with a stop loss below Rs 585 and target of Rs 633
Buy Amara Raja Batteries around Rs 842 with stop loss of Rs 828 and target of Rs 870
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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