After initial volatility, the Nifty50 staged a smart comeback in late morning deals and extended rally to move near 10,400 levels. Strong global cues, and buying in technology, banking & financials and FMCG stocks boosted sentiment.
The index almost recovered all the losses made in the previous week and formed a bullish candle on daily scale.
The Nifty after opening marginally higher at 10,209.55 immediately dropped to hit an intraday low of 10,105.10, but managed to recover nearly 300 points from that low point and surpassed immediate hurdle of 10,280 zones to hit a day's high of 10,396. The index closed 188.20 points higher at 10,386.60.
According to Pivot charts, the key support level is placed at 10,195.8, followed by 10,005. If the index starts moving upwards, key resistance levels to watch out are 10,486.7 and then 10,586.8.
The Nifty Bank index closed at 25,153.25, up 345.50 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,720.56, followed by 24,287.93. On the upside, key resistance levels are placed at 25,393.56, followed by 25,633.93.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Manappuram Finance with a stop loss of Rs 76, target of Rs 88
Buy Nestle India with stop loss of Rs 10000, target of Rs 10500
Buy Aurobindo Pharma with a stop loss of Rs 785, target of Rs 810
Buy Escorts with a stop loss of Rs 620, target off Rs 645
Buy Axis Bank with a stop loss of Rs 576, target of Rs 600
Sudarshan Sukhani of s2analytics.com
Buy KPIT Technologies with stop loss at Rs 216 and target of Rs 228
Buy Siemens with stop loss at Rs 910 and target of Rs 970
Buy Colgate Palmolive with stop loss at Rs 1100 and target of Rs 1150
Buy Aurobindo Pharma with stop loss at Rs 780 and target of Rs 825
Sell Jet Airways with stop loss at Rs 227 and target of Rs 200
Mitessh Thakkar of mitesshthakkar.com
Buy Aurobindo Pharma with a stop loss of Rs 782 and target of Rs 810
Buy Mahindra and Mahindra with a stop loss of Rs 752 and target of Rs 790
Buy Petronet LNG with a stop loss of Rs 220 and target of Rs 236
Buy Reliance Capital above Rs 243 with stop loss of Rs 237 and target of Rs 260
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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