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The Nifty 50 closed higher for the second consecutive session and decisively crossed its crucial 10,650 resistance level on November 16. Positive global cues and appreciation of the rupee supported the market.
The index remained in a positive terrain throughout the session and closed 65.50 points higher at 10,682.20. On the weekly basis, the S&P BSE Sensex and Nifty 50 rose around 0.9 percent each for the week ended November 16.
The index formed a bullish candle on the daily charts and Hanging Man kind of pattern on the weekly charts.
According to Pivot charts, the key support level is placed at 10,643.87, followed by 10,605.53. If the index starts moving upwards, key resistance levels to watch out are 10,707.87 and then 10,733.53.
The Nifty Bank index closed at 26,245.55, up 90.80 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 26,134.53, followed by 26,023.46. On the upside, key resistance levels are placed at 26,344.73, followed by 26,443.87.
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 Finance with a stop loss of Rs 2350, target of Rs 2500
Buy State Bank of India (SBI) with a stop loss of Rs 285, target of Rs 302
Buy Godrej Industries with a stop loss of Rs 512, target of Rs 535
Buy HDFC with a stop loss of Rs 1870, target of Rs 1940
Buy Canara Bank wih a stop loss of Rs 259, target of Rs 274
Sudarshan Sukhani of s2analytics.com
Buy Britannia Industries with stop loss at Rs 5700 and target of Rs 6300
Buy Bank of Baroda with stop loss at Rs 110 and target of Rs 125
Buy Eicher Motors with stop loss at Rs 24000 and target of Rs 27500
Buy HPCL with stop loss at Rs 238 and target of Rs 251
Buy Lupin with stop loss at Rs 845 and target of Rs 883
Mitessh Thakkar of mitesshthakkar.com
Buy Bank of India with a stop loss of Rs 86 and target of Rs 93
Buy Eicher Motors with a stop loss of Rs 24000 and target of Rs 26300
Buy Maruti Suzuki with a stop loss of Rs 7289 and target of Rs 7450
Buy SBI with a stop loss of Rs 286 and target of Rs 306
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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