The Nifty which started on a positive note managed to build further momentum towards the closing of the trade and closed its crucial 100-days exponential moving average placed around 10,418 making a strong bullish candle on the daily charts.
The Index which opened at 10,408 rose to an intraday high of 10,499. It slipped marginally below 10,400 to hit its intraday low of 10,396 before closing 108 points higher at 10,491.
According to Pivot charts, the key support level is placed at 10,425.43, followed by 10,359.87. If the index starts to move higher, key resistance levels to watch out are 10,527.83 and 10,564.67.
The Nifty Bank closed at 25,302.5. Important Pivot level, which will act as crucial support for the index, is placed at 25,061.8, followed by 24,821.1. On the upside, key resistance levels are placed at 25,444.2, followed by 25,585.9.
The Nifty futures on the Singaporean stock exchange were trading higher by around 51.5 points at 10,556, a rise of around 0.49 percent. This indicates that the domestic market is likely to open on a positive 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 Ashok Leyland with a stop loss of Rs 130, target of Rs 144
Buy Engineers India with a stop loss of Rs 165, target of Rs 181
Buy HDFC Bank with a stop loss of Rs 1860, target of Rs 1920
Buy Divis Labs with a stop loss of Rs 1030, target of Rs 1100
Mitessh Thakkar of miteshthacker.com
Buy Axis Bank with a stop loss of Rs 529 and target of Rs 551
Buy Britannia Industries with a stop loss below Rs 4900 for target of Rs 5200
Buy Cholamandalam Investment with a stop loss of Rs 1389 for target of Rs 1480
Buy Hindustan Zinc with a stop loss of Rs 322 for target of Rs 342
Sell Asian Paints below Friday's low of Rs 1098.5 with stop loss of Rs 1116 for target of Rs 1060
Prakash Gaba of prakashgaba.com
Buy CESC with target at Rs 1035 and stop loss at Rs 980
Buy RBL Bank with target at Rs 500 and stop loss at Rs 480
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