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The Nifty on Monday closed above 11,000 levels, forming bullish candle on the daily charts after weakness seen in previous three consecutive sessions. It closed 77.80 points higher at 11,008.30.
Experts expect the Nifty to move up further if it sustains above 10,900 and said the next target is seen at around 11,170 levels but the downside seems limited.
India VIX fell by 2.22 percent to 16.61 levels. Volatility has to cool down to form a short term top then only Nifty can form a short term bottom process for a temporary bounce back process, experts said.
According to Pivot charts, the key support level is placed at 10,874.63, followed by 10,740.97. If the index starts moving upwards, key resistance levels to watch out are 11,088.83 and 11,169.37.
The Nifty Bank index closed at 25,367, up 247.15 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 24,912.4, followed by 24,457.8. On the upside, key resistance levels are placed at 25,616.9, followed by 25,866.8.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Dewan Housing Finance with a stop loss of Rs 322, target of Rs 306
Sell YES Bank with a stop loss of Rs 205, target of Rs 190
Sell Bank of Baroda with a stop loss of Rs 108, target of Rs 96
Buy Sun Pharma with a stop loss of Rs 628, target of Rs 650
Buy Tata Consultancy Services with a stop loss of Rs 2230, target of Rs 2300
Sudarshan Sukhani of s2analytics.com
Buy Apollo Hospitals with stop loss at Rs 1025 and target of Rs 1090
Buy Aurobindo Pharma with stop loss at Rs 745 and target of Rs 797
Buy Tech Mahindra with stop loss at Rs 745 and target of Rs 790
Sell Wockhardt with stop loss at Rs 560 and target of Rs 510
Sell Tata Motors with stop loss at Rs 237 and target of Rs 225
Mitessh Thakkar of mitesshthakkar.com
Sell Century Textiles & Industries with a stop loss of Rs 846 and target of Rs 815
Sell CESC with a stop loss of Rs 883 and target of Rs 830
Buy Aurobindo Pharma around Rs 765 with stop loss of Rs 750 and target of Rs 795
Sell MRPL with a stop loss of Rs 72 and target of Rs 64
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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