Nifty likely to bounce back as long as Mount 10K holds; top 5 stocks which can give up to 5% return

Nifty

Nifty opened with positive note but failed to hold higher levels and closed lower at 10,114.75 down 40.50 points. Index has formed 'Inverted Hammer'
candlestick pattern around its 200 SMA of 10,171 on daily scale. Till it holds 10,000 mark decisively, bounce back from lower levels cannot be ruled out.

Nifty might revert back to its short term moving average of 20EMA i.e. around 10,325 which might work as immediate hurdle zone. Immediate hurdle seen around  10,210.

Bank Nifty

Nifty Bank has formed multiple bullish reversal candlestick patterns around support of 24,000 levels. Till it holds 24,000 levels decisively, pullback from current levels cannot be ruled out. Strong support seen around 23,800 levels i.e. 38.2 percent Retracement levels.

On hourly chart, Oscillators like RSI & MACD has formed positive divergence and rising from oversold zone which is a bullish sign. We are expecting Index to consolidate within a range of 24,000-25,000 levels in near term.

Here are the top 5 stocks which can give up to 5% returns in the short term:

Apollo Hospitals Enterprise | Rating: Buy | Target: Rs 1049, stop loss: Rs 998 | Return: 2%

State Bank of India | Rating: Buy | Target: Rs 253, stop loss: Rs 233 | Return: 5%

Oil India Limited | Rating: Buy | Target: Rs 352, stop loss: Rs 333 | Return: 3%

CESC Limited | Rating: Buy | Target: Rs 910, stop loss: Rs 860 | Return: 3%

Maruti Suzuki India | Rating: Sell | Target: Rs 8550, stop loss: Rs 8830 | Return: 2%

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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.