Ashwani Gujral of ashwanigujral.com suggests buying Dr Reddy's Labs with a stop loss of Rs 2470, target of Rs 2550, NIIT Tech with a stop loss of Rs 1395, target of Rs 1430 and Bank of Baroda with a stop loss of Rs 148, target of Rs 160.
The Nifty50 after opening gap down traded in a big range of around 90 points throughout the session and closed flat with a positive bias on Friday. The consolidation for last three consecutive sessions indicated that traders turned cautious after sharp.
The index made small bullish candle and formed 'Long Legged Doji' pattern on the daily charts. On the weekly charts, it formed 'Shooting Star' kind of pattern. A typical long-legged Doji pattern is formed when the opening price is almost equal to the closing price but there was a lot of intraday movement on either side.
The Nifty50 opened at 11,675.85 and closed at 11,680.50. After opening with negative bias, the index immediately rebounded to hit an intraday high of 11,727.65 but at the end of first one hour of trade it corrected to hit day's low of 11,640.10. Overall it remained rangebound throughout the session.
According to Pivot charts, the key support level is placed at 11,637.83, followed by 11,595.17. If the index starts moving upwards, key resistance levels to watch out are 11,725.43 and 11,770.37.
The Nifty Bank index closed at 28,061.75, down 41.50 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 27,949.37, followed by 27,836.93. On the upside, key resistance levels are placed at 28,165.77, followed by 28,269.73.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Dr Reddy's Labs with a stop loss of Rs 2470, target of Rs 2550
Buy NIIT Tech with a stop loss of Rs 1395, target of Rs 1430
Buy Bank of Baroda with a stop loss of Rs 148, target of Rs 160
Buy Punjab National Bank with a stop loss of Rs 86, target of Rs 94
Buy Lupin with a stop loss of Rs 925, target of Rs 950
Sudarshan Sukhani of s2analytics.com
Buy Britannia Industries with a stop loss at Rs 6700 and target of Rs 6850
Buy Granules India with a stop loss at Rs 114 and target of Rs 120
Buy Havells India with a stop loss at Rs 715 and target of Rs 745
Sell Indiabulls Housing Finance with a stop loss at Rs 1275 and target of Rs 1230
Sell Ceat with a stop loss at Rs 1395 and target of Rs 1365
Prakash Gaba of prakashgaba.com
Buy Mindtree with target at Rs 1150 and stop loss at Rs 1070
Buy NIIT Tech with target at Rs 1450 and stop loss at Rs 1380
Buy Pidilite Industries with target at Rs 1200 and stop loss at Rs 1160
Buy Tata Motors with target at Rs 280 and stop loss at Rs 260Disclaimer: 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.