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The Nifty, which started off the week on a positive note, maintained uptrend throughout the session and managed to hold on to 10,850 levels at close on Monday, backed by positive global cues.
The index made a bullish candle which looked like a 'Hanging Man' kind of pattern. The Nifty, which opened at 10,838.30, jumped to hit an intraday high of 10,860.35, before closing 80.20 points higher at 10,852.90.
India VIX fell 0.68 percent to 12.36 levels. VIX has been falling down from last five trading sessions and lower volatility indicates bullish stance of market till it remains below 13.50 zones.
According to Pivot charts, the key support level is placed at 10,819.97, followed by 10,787.03. If the index starts moving upwards, key resistance levels to watch out are 10,873.07 and 10,893.23.
The Nifty Bank index closed at 26,753.3. The important Pivot level, which will act as crucial support for the index, is placed at 26,649.53, followed by 26,545.77.
On the upside, key resistance levels are placed at 26,819.13, followed by 26,884.96.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy RBL Bank with a stop loss of Rs 570, target of Rs 605
Buy Divis Labs with a stop loss of Rs 1080, target of Rs 1135
Buy Hindustan Unilever with a stop loss of Rs 1675, target of Rs 1730
Buy Jubilant Foodworks with a stop loss of Rs 1395, target of Rs 1440
Buy Biocon with a stop loss of Rs 630, target of Rs 655
Sudarshan Sukhani of s2analytics.com
Buy Kotak Mahindra Bank with a stop loss at Rs 1370 and target of Rs 1400
Buy Dr Reddy's Labs with a stop loss at Rs 2300 and target of Rs 2370
Buy Reliance Industries with a stop loss at Rs 980 and target of Rs 1020
Buy Aurobindo Pharma with a stop loss at Rs 610 and target of Rs 645
Sell Tata Steel with a stop loss at Rs 566 and target of Rs 540
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Mitessh Thakkar of mitesshthakkar.com
Buy Exide Industries with a stop loss of Rs 264.9 and target of Rs 280
Buy RBL Bank with a stop loss of Rs 570 and target of Rs 600
Buy HCL Tech with a stop loss of Rs 949 and target of Rs 985
Buy Voltas with a stop loss of Rs 525 and target of Rs 551
Sell Titan Company with a stop loss of Rs 834 and target of Rs 795
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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