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The Nifty, which started on a flat note on Friday, gained momentum and reclaimed its crucial resistance level of 10,800, but last hour selling saw it close at 10,772.
The index formed a ‘Shooting Star’ kind of pattern on the daily charts and a 'hammer’ kind of pattern on the weekly scale.
The Nifty took support at its 13-day exponential moving average (EMA) and bounced back to close at 10,772 levels. It hit an intraday low of 10,735 and an intraday high of 10,816.35.
India VIX fell down 1.11 percent to 12.45. It has been falling down for the last four trading sessions. Lower volatility indicates limited downside in the market till it remains below 13.50 zones.
According to Pivot charts, its key support level is placed at 10,733.03, followed by 10,693.37. If the index starts moving upwards, the key resistance levels to watch out are 10,814.33 and 10,855.97.
The Nifty Bank index closed at 26,493.8. The important Pivot level, which will act as crucial support for the index, is placed at 26,399.27, followed by 26,304.73.
On the upside, key resistance levels are placed at 26,599.07, followed by 26,704.33.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Mitessh Thakkar of mitesshthakkar.com
Buy Berger Paints with a stop loss of Rs 290.5 and target of Rs 308
Buy ITC with a stop loss of Rs 268.5 and target of Rs 283
Buy Mahindra & Mahindra above Rs 928 with stop loss of Rs 914 and target of Rs 955
Sell Chennai Petro with a stop loss of Rs 296.25 and target of Rs 280
Sudarshan Sukhani of s2analytics.com
Sell Canara Bank with a stop loss at Rs 249 and target of Rs 242
Sell Cholamandalam Investment with a stop loss at Rs 1510 and target of Rs 1455
Buy M&M with a stop loss at Rs 910 and target of Rs 945
Buy Marico with a stop loss of Rs 344 and target of Rs 354
Buy TCS with a stop loss at Rs 1900 and target of Rs 1940
Ashwani Gujral of ashwanigujral.com
Buy Berger Paints with a stop loss of Rs 292, and target of Rs 306
Buy HPCL with a stop loss of Rs 264, target of Rs 278
Buy Sun TV with a stop loss of Rs 788, target of Rs 810
Buy Century Textiles with a stop loss of Rs 900, target of Rs 945
Buy Ashok Leyland with a stop loss of Rs 125, target of Rs 140
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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