Top buy & sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for short term

The Nifty50 continued its northward journey for the sixth consecutive week as it crossed another milestone of 11,700 on first day of August expiry week and ended at record closing high, driven by positive global cues. The rally in bank stocks on hope of early resolution to non-performing assets also boosted investors’ sentiment.

The index formed robust bullish candle on the daily candlestick charts on Monday. The broader market also participated in the rally with the Nifty Midcap rising over a percent while all sectoral indices ended in the red with Nifty Bank, IT and Metal rising around 1.5 percent each.

The consistent upward movement has been taking indices to newer highs every week which seems to be indicating that the Nifty may be heading towards 11,800-12,000 but one should keep cautious stance as the Nifty rallied more than 6 percent for five consecutive weeks, experts said, adding the volatility may increase ahead of expiry of August derivative contracts on Thursday.

The Nifty50 after opening directly above 11,600 levels gradually moved up as the day progressed and hit an intraday record high of 11,700.95 in late trade. The index closed 134.90 points higher at 11,692.

India VIX fell 0.76 percent to 12.31 levels and overall lower volatility suggests that bulls are likely to hold the tight grip on the market, experts feel.

According to Pivot charts, the key support level is placed at 11,624.73, followed by 11,557.47. If the index starts moving upwards, key resistance levels to watch out are 11,730.13 and 11,768.27.

The Nifty Bank index closed at 28,264.20, up 429.50 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 28,042.34, followed by 27,820.47. On the upside, key resistance levels are placed at 28,401.94, followed by 28,539.67.

In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns: 

Ashwani Gujral of ashwanigujral.com

Buy ICICI Bank with stop loss of Rs 335, target of Rs 352

Buy Havells India with stop loss of Rs 714, target of Rs 740

Buy Hindalco Industries with a stop loss of Rs 225, target of Rs 240

Buy Jubilant Foodworks with a stop loss of Rs 1535, target of Rs 1580

Buy GSFC with a stop loss of Rs 114, target of Rs 126

Sudarshan Sukhani of s2analytics.com

Buy Hindalco Industries with a stop loss of Rs 227 and target of Rs 236

Buy Cipla with a stop loss at Rs 648 and target of Rs 675

Buy TCS with a stop loss at Rs 2035 and target of Rs 2100

Buy Torrent Pharma with stop loss at Rs 1750 and target of Rs 1800

Sell Tata Motors with stop loss at Rs 260 and target of Rs 252

Mitessh Thakkar of mitesshthakkar.com

Buy Adani Power with a stop loss of Rs 32.8 and target of Rs 35

Buy GSFC with a stop loss of Rs 114 and target of Rs 125

Buy TVS Motor with a stop loss of Rs 550 and target of Rs 590

Buy Balmer Lawrie with a stop loss below Rs 220 for target of Rs 238

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.