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The Nifty snapped its four-day winning streak and closed Friday's sideways session on a weak note, forming an indecisive Doji pattern on the daily candlestick charts. On the weekly scale, the index formed a bullish candle.
The index after opening lower at 11,566.60 managed to clawback to hit a high of 11,604.60. It wiped out its gains in the first hour of trade itself to hit a low of 11,532. It remained rangebound for rest of Friday and closed 25.70 points lower at 11,557.10. For the week, the Nifty rallied 0.75 percent.
India VIX fell 3.35 percent to 12.33 levels. Lower volatility suggests that bulls could support the market on a decline.
According to pivot charts, key support is placed at 11,524.53, followed by 11,491.97. If the index starts moving upwards, the key resistance levels to watch out are 11,597.13 and 11,637.17.
The Nifty Bank index closed at 27,834.70, down 193.20 points on Friday. The important pivot level, which will act as crucial support for the index, is placed at 27,704.06, followed by 27,573.43. On the upside, key resistance levels are placed at 28,044.06, followed by 28,253.43.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Apollo Hospitals with stop loss of Rs 1185, target of Rs 1230
Buy VIP Industries with a stop loss of Rs 597, target of Rs 620
Buy JSW Steel with stop loss of Rs 350, target of Rs 364
Sell Can Fin Homes with stop loss of Rs 325, target of Rs 310
Sell Tata Global Beverage with a stop loss of Rs 235, target of Rs 224
Sudarshan Sukhani of s2analytics.com
Buy Piramal Enterprises with stop loss at Rs 2850 and target of Rs 3000
Buy Mahindra & Mahindra with stop loss at Rs 960 and target of Rs 980
Buy Berger Paints with stop loss at Rs 332 and target of Rs 344
Buy Kotak Mahindra Bank with stop loss at Rs 1242 and target of Rs 1282
Sell Shriram Transport Finance with stop loss at Rs 1320 and target of Rs 1275
Mitessh Thakkar of mitesshthakkar.com
Buy Balrampur Chini with a stop loss of Rs 72 and target of Rs 80.5
Buy JSW Steel with a stop loss of Rs 345 and target of Rs 373
Buy NALCO above Rs 73.5 with stop loss of Rs 71.9 for target of Rs 78
Buy Tata Chemicals with a stop loss of Rs 717 and target of Rs 750
Sell Sun TV with a stop loss of Rs 790 and target of Rs 725
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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