Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy Bharat Forge above Rs 695, stop loss of Rs 682 and target of Rs 720 and Bharti Airtel with a stop loss of Rs 384 and target of Rs 400 and can sell Just Dial with a stop loss of Rs 547.5 and target of Rs 515.
The Nifty after opening at 11,558.25 on Friday fell sharply below 11,500 to hit an intraday low of 11,484.40. It rebounded in late morning trade to hit an intraday high of 11,603. The index saw some profit booking at higher levels, which dragged the market tad below the psychological 11,600-mark at close. It ended the session 52.20 points higher at 11,589.10.
The index formed a small bullish candle on the daily charts, which also resembles a hammer like pattern. Recovery in the dollar-rupee and stability in crude oil prices supported the market.
The index snapped its six-week winning streak, forming a bearish engulfing candle on the weekly chart. It corrected 0.8 percent in the passing week after registering a 6 percent rally in the previous six consecutive weeks.
On the weekly chart, the Nifty registered a hammer kind of formation with a long lower shadow as more than half of its intra week losses were recouped, he stated. "This kind of price action has clearly tilted the tide in favour of bulls in the near term. As our twin momentum oscillators also generated a buy signal, we expect this rally to get extended up to 11,679 levels. As participation is becoming wide and broad-based after the recent correction, we will not be surprised if the bulls made an attempt to get past 11,700 levels."
According to pivot charts, the key support level is placed at 11,514.67, followed by 11,440.23. If the index starts moving upwards, the key resistance levels to watch out are 11,633.27 and 11,677.43.
The Nifty Bank index closed at 27,481.45, up 12.75 points on Friday. The important pivot level, which will act as crucial support, is placed at 27,305.3, followed by 27,129.2. On the upside, key resistance levels are placed at 27,585, followed by 27,688.6.
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 a stop loss of Rs 1145, target of Rs 1190
Buy Dr Reddy's Labs with a stop loss of Rs 2600, target of Rs 2710
Buy Lupin with a stop loss of Rs 950, target of Rs 985
Sell YES Bank with a stop loss of Rs 328, target of Rs 310
Sell HDFC with a stop loss of Rs 1940, target of Rs 1880
Sudarshan Sukhani of s2analytics.com
Buy JSW Steel with stop loss of Rs 400 and target of Rs 415
Buy Cipla with stop loss at Rs 655 and target of Rs 685
Buy Vedanta with stop loss at Rs 228 and target of Rs 243
Sell Zee Entertainment with stop loss at Rs 475 and target of Rs 460
Sell Indiabulls Housing Finance with stop loss at Rs 1225 and target of Rs 1180
Mitessh Thakkar of mitesshthakkar.com
Buy Bharat Forge above Rs 695, stop loss of Rs 682 and target of Rs 720
Buy Bharti Airtel with a stop loss of Rs 384 and target of Rs 400
Sell Just Dial with a stop loss of Rs 547.5 and target of Rs 515
Buy Lupin with a stop loss of Rs 934 and target of Rs 1010
Sell Tata Elxsi with a stop loss of Rs 1386 and target of Rs 1320Disclaimer: 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.