The Nifty, which started with a gap on the higher side in morning trade on Wednesday, failed to build momentum and closed below its crucial 100-days exponential moving average (DEMA), and 5-DEMA, making a ‘Hammer’ like pattern on the daily candlestick charts.
According to Pivot charts, the key support level is placed at 10,356.03, followed by 10,314.57. If the index starts to move higher, key resistance levels to watch out are 10,432.53 and 10,467.57.
The Nifty Bank closed at 24,936.7. Important Pivot level, which will act as crucial support for the index, is placed at 24,822.1, followed by 24,707.5. On the upside, key resistance levels are placed at 25,025.5, followed by 25,114.3.
The Nifty futures on the Singaporean stock exchange were trading lower by around 52.5 points at 10,349.50, a fall of around 0.5 percent. This indicates that the domestic market is likely to open on a negative note.
Moneycontrol.com has collated a list of trading ideas from top market experts which one can take cues for better returns:
Ashwani Gujral of ashwanigujral.com
Buy Tech Mahindra with a stop loss of Rs 588, target of Rs 620
Buy NIIT Tech with a stop loss of Rs 788, target of Rs 825
Sell Century Textiles with a stop loss of Rs 1190, target of Rs 1130
Sell Chennai Petroleum with a stop loss of Rs 362, target of Rs 348
Sell Tata Steel with a stop loss of Rs 646, target of Rs 620
Buy Mindtree with a stop loss of Rs 738, target of Rs 760
Buy Kotak Mahindra Bank with a stop loss of Rs 1045, target of Rs 1080
Buy Hexaware Tech with a stop loss of Rs 345, target of Rs 370
Mitessh Thakkar of miteshthacker.com
Buy Avenue Supermart above Rs 1252 with stop loss of Rs 1234 and target of Rs 1300
Buy IDBI Bank around Rs 69.50 -69.90 with stop loss of Rs 67.30 for target of Rs 76
Sell Amara Raja Batteries with a stop loss of Rs 815 for target of Rs 760
Sell Bajaj Finance with a stop loss of Rs 1622 for target of Rs 1555
Sell Strides Shasun with a stop loss of Rs 718 for target of Rs 655
Sell Asian Paints with a stop loss of Rs 1127 for target of Rs 1060
Buy Mindtree with a stop loss of Rs 727 for target of Rs 785
Prakash Gaba of prakashgaba.com
Buy ITC with target at Rs 274 and stop loss at Rs 265
Buy Mindtree with target at Rs 755 and stop loss at Rs 720
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