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The 50-share NSE Nifty which opened at 10,902.75 rallied further as the day progressed and hit an intraday high of 10,956.90, before closing 94.40 points or 0.87 percent higher at 10,947.30, the highest closing level since February 1, 2018.
After a rangebound trade for around two months, the strong breakout indicated that the Nifty could be heading towards its earlier all-time highs of 11,171 touched on January 29, experts said.
India VIX closed flattish at 12.39 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 10,896.97, followed by 10,846.73. If the index starts moving upwards, key resistance levels to watch out are 10,977.17 and 11,007.13.
The Nifty Bank index closed at 26,894.55, up 141.25 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,802.2, followed by 26,709.8. On the upside, key resistance levels are placed at 26,963.3, followed by 27,032.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Bajaj Auto with a stop loss of Rs 3060, target of Rs 3200
Buy Maruti Suzuki with a stop loss of Rs 9500, target of Rs 9620
Buy Havells India with a stop loss of Rs 560, target of Rs 600
Buy KPIT Technologies with a stop loss of Rs 280, target of Rs 296
Buy NIIT Technologies with a stop loss of Rs 1100, target of Rs 1165
Sudarshan Sukhani of s2analytics.com
Buy Pidilite Industries with stop loss at Rs 1065 and target of Rs 1095
Buy Bata India with stop loss at Rs 830 and target of Rs 860
Sell Dewan Housing Finance with stop loss at Rs 615 and target of Rs 600
Sell Chennai Petroleum Corporation with stop loss at Rs 292 and target of Rs 280
Sell Tata Power with stop loss at Rs 73.5 and target of Rs 72
Mitessh Thakkar of mitesshthakkar.com
Buy Havells India with a stop loss below Rs 562 and target of Rs 595
Buy PVR around Rs 1400 with stop loss of Rs 1379 and target of Rs 1450
Buy Repco Home Finance with a stop loss of Rs 576 and target of Rs 620
Buy Arvind with a stop loss of Rs 400 and target of Rs 430
Buy GAIL India around Rs 360-358 with stop loss of Rs 351 and target of Rs 377
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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