Nifty likely to trade between 10030-10170; top 5 stocks which can give up to 3% return in short term

Nifty opened with gap-down amid weak global cues but recovered from day's low and closed with marginal gains of 30 points. It has formed 'Piercing Line' candlestick pattern on daily scale indicating short term trend reversal. Nifty took hurdle around 10165 levels i.e. 200 SMA. Now it has to cross this level decisively for further upside.

Strong support zone is seen around 10030 levels. We are expecting Nifty to trade within a range of 10030-10170 levels ahead of FOMC Meeting due later on Wednesday.

Nifty Bank

The index has formed 'Inverted Hammer' candlestick pattern around support of 24000 levels indicating a short term reversal in trend. Till it holds 24000 levels decisively, pullback from current levels cannot be ruled out. Strong support seen around 23800 levels i.e. 38.2 percent Retracement levels. On hourly chart, Oscillators like RSI & MACD has formed positive divergence & rising from oversold zone which is a bullish sign. We are expecting Index to consolidate within a range of 24000-25100 levels.

Here are the top 5 stocks which can give up to 3 % return in the near term:

NIIT Tech | Rating: Buy | Target: Rs 938, stop loss: Rs 900 | Return: 2%

BEML Limited | Rating: Buy | Target: Rs 1095, stop loss: Rs 1010 | Return: 3%

Tata Motors | Rating: Buy | Target: Rs 350, stop loss: Rs 330 | Return: 3%

CESC | Rating: Buy | Target: Rs 914, stop loss: Rs 890 | Return: 2%

IRB Infrastructure Developers | Rating: Sell | Target: Rs 209, stop loss: Rs 223 | Return: 3%

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