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The Nifty recouped morning losses and climbed 10,500-10,550 levels to close just a shade below its crucial resistance levels of 10,600 levels on Tuesday. Robust IIP data for the month of September, cool off in inflation numbers as well as fall in crude oil prices added to the tailwind.
The strong rally seen in the index took shape of a Piercing pattern which signals a temporary halt to the downtrend. The pattern is formed by two consecutive candlesticks.
The first candlestick is a strong red candle or a bearish candle which is followed by a green or a bullish candle. The bullish candle should cover at least half of the previous day’s red or bearish candle. It is a potential signal for a reversal.
The S&P BSE Sensex recouped previous session losses and reclaimed 35000 while the Nifty rallied over 100 points and reclaimed 10,550 levels on closing basis which is a positive sign.
On the upside, 10600 is acting as a crucial resistance level for the index. This is the fourth straight session in which we saw Nifty facing selling pressure, the moment it comes near 10600-10650 levels.
According to Pivot charts, the key support level is placed at 10,483.27, followed by 10,384.03. If the index starts moving upwards, key resistance levels to watch out are 10,638.97 and then 10,695.43.
The Nifty Bank index closed at 25,768.6 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 25,503.3, followed by 25,238.0. On the upside, key resistance levels are placed at 25,915.2, followed by 26,061.8.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Ceat with a stop loss of Rs 1240, target of Rs 1285
Buy ICICI Bank with a stop loss of Rs 355, target of Rs 372
Buy Larsen & Toubro with a stop loss of Rs 1375, target of Rs 1430
Buy State Bank of India with a stop loss of Rs 274, target of Rs 290
Buy Pidilite Industries with a stop loss of Rs 1050, target of Rs 1085
Sudarshan Sukhani of s2analytics.com
Buy Adani Ports with stop loss at Rs 325 and target of Rs 350
Buy Havells India with stop loss at Rs 650 and target of Rs 685
Buy MRF with stop loss at Rs 64900 and target of Rs 66800
Buy Bosch with stop loss at Rs 19400 and target of Rs 20000
Sell Tata Chemicals with stop loss at Rs 700 and target of Rs 650
Mitessh Thakkar of mitesshthakkar.com
Buy Axis Bank with a stop loss of Rs 606 and target of Rs 640
Buy Godrej Industries with a stop loss of Rs 490 and target of Rs 519
Buy ICICI Bank with a stop loss of Rs 354.4 and target of Rs 375
Buy Larsen & Toubro with a stop loss of Rs 1368 and target of Rs 1430
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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