The 50-share NSE Nifty recouped early losses and traded higher for a major part of the session but failed to hold 10,800 levels on Tuesday. The index traded in a range of about 70 points and made a small bullish candle on the daily charts which also resembles a 'Shooting Star' kind of pattern with a long upper shadow.
The Nifty index opened at 10,742.70 and slipped to an intraday low of 10,732.55 but then bulls took charge and pushed the index back above 10,750. The index made an intraday high of 10,805.25 before closing the day 6.70 points higher at 10,769.15.
India VIX moved up by 1.73 percent at 12.80 levels. On the options front, maximum Put open interest (OI) is at 10,700 followed by 10,600 strike while maximum Call OI was at 11,000 followed by 10,800 and 10,900 strike.
According to Pivot charts, the key support level is placed at 10,732.73, followed by 10,696.27. If the index starts moving upwards, key resistance levels to watch out are 10,805.43 and 10,841.67.
The Nifty Bank index closed at 26,601.7 on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,483.4, followed by 26,365.1. On the upside, key resistance levels are placed at 26,716.3, followed by 26,830.9.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Bata India with a stop loss of Rs 838, target of Rs 870
Buy Tata Consultancy Services with a stop loss of Rs 1830, target of Rs 1895
Buy Hexaware Technologies with a stop loss of Rs 455, target of Rs 480
Buy UltraTech Cement with a stop loss of Rs 3800, target of Rs 3960
Buy Ambuja Cements with a stop loss of Rs 207, target of Rs 223
Sudarshan Sukhani of s2analytics.com
Sell Tata Power Company with stop loss at Rs 76 and target of Rs 73
Sell Tata Communications with stop loss at Rs 597 and target of Rs 582
Sell Repco Home Finance with stop loss at Rs 550 and target of Rs 520
Buy Yes Bank with stop loss at Rs 332 and target of Rs 342
Buy Jubilant Foodworks with stop loss at Rs 1385 and target of Rs 1445
Prakash Gaba of prakashgaba.com
Buy Asian Paints with target at Rs 1300 and stop loss at Rs 1263
Buy Dewan Housing Finance with target at Rs 660 and stop loss at Rs 635
Sell Cadila Healthcare with target at Rs 393 and stop loss at Rs 410
Sell Shriram Transport Finance Corporation with target at Rs 1360 and stop loss at Rs 1440Disclaimer
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