The Nifty, which started on a positive note on Monday, rose to an intraday high of 10,850, but fierce selling in the last hour of trade pushed it below 10,800. The index closed near its intraday low, making a ‘Gravestone Doji’ kind of pattern on the daily chart.
The Nifty, which opened at 10,781.85 rose to an intraday high of 10,850. Bulls took charge in the final hour of trade, pushing the index to an intraday low of 10,777.05. The index finally closed 19 points higher at 10,786.95.
Investors are advised to stay cautious as bears might try and regain control in the coming few sessions. It is crucial for the index to hold above 10,777 on Tuesday. Experts have placed the immediate resistance for the index at 10,850.
India VIX rose 3.78 percent to 13.18. On the options front, the maximum put open interest was seen at the 10,600 strike price, followed by the 10,700 strike price.
According to Pivot charts, its key support is placed at 10,759.17, followed by 10,731.33. If the index starts moving upward, key resistance levels to watch out are 10,832.67 and 10,878.33.
The Nifty Bank index closed at 26,453.6. The important Pivot level, which will act as a crucial support for the index, is placed at 26,366.0, followed by 26,278.4.
Key resistance levels are placed at 26,597.1, followed by 26,740.6.
Here are the top stock trading ideas which can give good returns in the near term:
Nandish Shah of HDFC Securities
Buy Quess Corp with target at Rs 1,300 and stop loss at Rs 1,140
Buy TAJ GVK Hotels & Resorts with target at Rs 250 and stop loss at Rs 218
Buy Jamna Auto Industries with target at Rs 103 and stop loss at Rs 88
Rajesh Agarwal of AUM Capital
Buy Axis Bank with stop loss at Rs 532and target of Rs 550
Buy Ceat with stop loss at Rs 1370 and target of Rs 1420
Buy Grasim Industries with stop loss at Rs 1025 and target of Rs 1075
Buy Larsen & Toubro with stop loss at Rs 1320 and target of Rs 1368
Buy NIIT Technologies with stop loss at Rs 1065 and target of Rs 1108
Ashwani Gujral of ashwanigujral.com
Sell Container Corporation with a stop loss of Rs 1330, target of Rs 1280
Sell UPL with a stop loss of Rs 710, target of Rs 675
Buy Mahindra & Mahindra with a stop loss of Rs 910, target of Rs 940
Buy Balrampur Chini with a stop loss of Rs 68, target of Rs 80
Buy HPCL with a stop loss of Rs 309, target of Rs 325
Sudarshan Sukhani of s2analytics.com
Buy Dabur India with stop loss at Rs 383 and target of Rs 392
Buy Kotak Mahindra Bank with stop loss at Rs 1310 and target of Rs 1350
Sell BEML with stop loss at Rs 900 and target of Rs 840
Sell Cummins India with stop loss at Rs 690 and target of Rs 670
Sell Vedanta with stop loss at Rs 250 and target of Rs 238
Mitessh Thakkar of mitesshthakkar.com
Sell DCB Bank with a stop loss of Rs 181.50 and target of Rs 172
Buy Hindustan ZInc with a stop loss of Rs 295 and target of Rs 317
Buy United Breweries with a stop loss of Rs 1249 and target of Rs 1310
Buy SBI Life Insurance with a stop loss of Rs 690 and target of Rs 765
Sell Biocon with a stop loss of Rs 620.50 and target of Rs 570
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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