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Bulls went on a rampage on the first day of the truncated week. The Nifty 50 surpassed the psychological 11,500-mark at the opening of trade on August 20, extended the rally through the day and closed above 11,550 levels for the first time, forming a bullish candle on the daily charts.
It was a broad-based based rally and driven majorly by banking & financials, metals and auto stocks. Positive global cues and recovery in the rupee also boosted investors’ sentiment.
India VIX fell by 0.28 percent to 13.12 levels and overall lower volatility suggests tight grip of the bulls in the market.
According to Pivot charts, the key support level is placed at 11,512.57, followed by 11,473.33. If the index starts moving upwards, key resistance levels to watch out are 11,578.17 and 11,604.53.
The Nifty Bank index closed at 28,274.25, up 145.70 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 28,189.84, followed by 28,105.47. On the upside, key resistance levels are placed at 28,340.44, followed by 28,406.67.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Bank of Baroda with a stop loss of Rs 148, target of Rs 160
Buy Canara Bank with a stop loss of Rs 282, target of Rs 298
Buy L&T Finance Holdings with a stop loss of Rs 182, target of Rs 194
Buy Tata Steel with a stop loss of Rs 595, target of Rs 620
Buy Hindalco Industries with a stop loss of Rs 222, target of Rs 234
Sudarshan Sukhani of s2analytics.com
Buy NIIT Technologies with a stop loss at Rs 1295 and target of Rs 1355
Buy Havells India with a stop loss at Rs 680 and target of Rs 705
Buy Ajanta Pharma with a stop loss at Rs 1180 and target of Rs 1255
Sell Zee Entertainment with a stop loss at Rs 511 and target of Rs 496
Sell Shriram Transport Finance with a stop loss at Rs 1344 and target of Rs 1280
Mitessh Thakkar of mitesshthakkar.com
Sell Container Corporation with a stop loss of Rs 640.5 and target of Rs 600
Buy Interglobe Aviation with a stop loss of Rs 1069 and target of Rs 1124
Buy Oriental Bank of Commerce with a stop loss of Rs 79.5 and target of Rs 86
Buy Pidilite Industries with a stop loss of Rs 1129 and target of Rs 1180
Buy RBL Bank with a stop loss of Rs 578 and target of Rs 620
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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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