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The Nifty which started with a gap down on Friday recouped most of its intraday losses and closed above its crucial level of 10,800 for the fourth straight day in a row. It formed a Hammer like candle on the daily candlestick charts.
The index formed a Hammer like pattern for the second consecutive day in a row which indicates that the decline was bought into. The index bounced near its 13-EMA to close above its 5-EMA placed 10,808.
Investors are advised to remain cautious and await for a breakout or a breakdown before initiating fresh positions. A close above 10,930 would result in a breakout while a break below Friday’s low of 10,755 could bring back bears on D-Street.
According to Pivot charts, its key support is placed at 10,770.73, followed by 10,723.77. If the index starts moving upward, key resistance levels to watch out are 10,849.33 and 10,880.97.
The Nifty Bank index closed at 26,417.4. Important pivot level, which will act as a crucial support for the index, is placed at 26,312.74, followed by 26,208.07. Key resistance levels are placed at 26,554.24, followed by 26,691.07.
Here are the top stock trading ideas which can give good returns in the near term:
By Dinesh Rohira of 5nance.com
Buy Nava Bharat Ventures with target at Rs 163 and stop loss at Rs 132
Buy Hindustan National Glass & Industries with target at Rs 113 and stop loss at Rs 95
Sell Gruh Finance with target at Rs 309 and stop loss at Rs 335
Rajesh Agarwal of AUM Capital
Buy Delta Corp with stop loss at Rs 237 and target of Rs 257
Buy Infosys with stop loss at Rs 1255 and target of Rs 1309
Buy UPL with stop loss at Rs 685 and target of Rs 719
Buy Apollo Hospitals with stop loss at Rs 999 and target of Rs 1069
Buy Bharat Financial Inclusion with stop loss at Rs 1178 and target of Rs 1203
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.
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