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Bulls kept tight control on Dalal Street for the third consecutive session on November 19 as the Nifty 50 decisively closed above the 200-DMA, which is placed around 10,700 levels, forming bullish candle on the daily charts.
The 50-share NSE Nifty gained 81.20 points to close at 10,763.40 while the 30-share BSE Sensex climbed 317.72 points to 35,774.88. Appreciation in the rupee, fall in crude oil prices and positive Asian cues helped the market rally.
Experts said the index needs to break the next critical resistance of 10,840 levels to surpass psychological 11,000 levels which could be possible before state elections results.
India VIX moved up by 3.56 percent to 19.00 levels. Volatility moved up even after the upmove in the Nifty index and now it has to cool down below 17-16 zones to get the next leg of smooth upside rally in the market.
According to Pivot charts, the key support level is placed at 10,709.90, followed by 10,656.4. If the index starts moving upwards, key resistance levels to watch out are 10,795.80 and then 10,828.20.
The Nifty Bank index closed at 26,300.70, up 55.15 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 26,210.29, followed by 26,119.9. On the upside, key resistance levels are placed at 26,385.09, followed by 26,469.50.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy GSFC with a stop loss of Rs 104, target of Rs 116
Buy Reliance Infrastructure with a stop loss of Rs 347, target of Rs 362
Buy Ashok Leyland with a stop loss of Rs 107, target of Rs 114
Buy PAGE Industries with a stop loss of Rs 26350, target of Rs 27000
Buy TCS with a stop loss of Rs 1880, target of Rs 1940
Sudarshan Sukhani of s2analytics.com
Buy Dr Reddy's Laboratories with stop loss at Rs 2480 and target of Rs 2600
Buy Motherson Sumi Systems with stop loss at Rs 146 and target of Rs 162
Buy Mahindra & Mahindra with stop loss at Rs 776 and target of Rs 788
Sell NMDC with stop loss at Rs 101.5 and target of Rs 98.5
Sell Just Dial with stop loss at Rs 498 and target of Rs 482
Mitessh Thakkar of mitesshthakkar.com
Buy Apollo Hospitals around Rs 1215 with stop loss of Rs 1199 and target of Rs 1255
Sell Repco Home Finance below Rs 393 with stop loss of Rs 400 for target of Rs 377
Sell GAIL India with a stop loss of Rs 340 for target of Rs 322
Buy Reliance Industries around Rs 1145 with stop loss of Rs 1130 for target of Rs 1180
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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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