Moneycontrol News
After a blockbuster rally last week, the Indian market consolidated in a narrow range on November 5. The Nifty50 slipped below its crucial support placed at 10550 to form a 'Hanging Man' kind of pattern on the daily charts.
The Nifty50, which opened at 10,558.75, rose marginally to hit its intraday high of 10,558.80 which resulted in no upper shadow for the index. The bears' grip on D-Street was from the start and pushed the index below 10,500 in intraday trade.
However, bulls managed to push the index back above 10,500 levels towards the closing which is a positive sign. The Nifty50 finally closed 29 points down at 10,524.
Crucial support for the index is placed at 10,440 and below that at 10,200 levels. On the upside, Nifty50 is likely to face stiff resistance at 10,600-10,700 levels, suggest experts.
India VIX moved up by 6.87 per cent at 19.48 levels. VIX has to go down below 17-16 zones to confirm the short-term reversal and a decent bounce back after the sharp cut of last two months.
According to Pivot charts, the key support level is placed at 10,481.07, followed by 10,438.13. If the index starts moving upwards, key resistance levels to watch out are 10,562.87 and then 10,601.73.
The Nifty Bank index closed at 25,732.2. The important Pivot level, which will act as crucial support for the index, is placed at 25,581.66, followed by 25,431.13.
On the upside, key resistance levels are placed at 25,835.46, followed by 25,938.73.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Oriental Bank of Commerce with a stop loss of Rs 80, target of Rs 88
Buy Jet Airways with a stop loss of Rs 246, target of Rs 262
Buy Bank of Baroda with a stop loss of Rs 108, target of Rs 116
Buy State Bank of India with a stop loss of Rs 290, target of Rs 304
Buy Hindustan Unilever with a stop loss of Rs 1630, target of Rs 1675
Sudarshan Sukhani of s2analytics.com
Buy Page Industries with stop loss at Rs 28100 and target of Rs 32100
Buy Eicher Motors with stop loss at Rs 22000 and target of Rs 23400
Buy HDFC Bank with stop loss at Rs 1940 and target of Rs 1980
Buy State Bank of India with stop loss at Rs 285 and target of Rs 315
Sell Tata Motors with stop loss at Rs 192 and target of Rs 186
Mitessh Thakkar of mitesshthakkar.com
Buy Bank of India with a stop loss of Rs 84 and target of Rs 91
Buy Pidilite Industries with a stop loss of Rs 1009 and target of Rs 1075
Buy Union Bank of India with a stop loss of Rs 76 and target of Rs 87
Sell Lupin below Rs 848 with stop loss of Rs 860 for target of Rs 822
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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