The bulls carried forward the momentum seen on Friday as Nifty managed to hit another ton on Monday and reclaimed crucial moving averages which is a positive sign for the bulls. The index made a strong bullish candle on the daily charts and now the next target of 10,900 looks possible.
The Nifty which opened at 10,526 rose to an intraday high of 10,592. It slipped marginally to 10,520 before closing the day at 10,582, up 91 points.
According to Pivot charts, the key support level is placed at 10,537.53, followed by 10,492.47. If the index starts to move higher, key resistance levels to watch out are 10,610.33 and 10,638.07.
The Nifty Bank closed at 25,687.9. Important Pivot level, which will act as crucial support for the index, is placed at 25,472.0, followed by 25,256.1. On the upside, key resistance levels are placed at 25,813.0, followed by 25,938.1.
The Nifty futures on the Singaporean stock exchange were trading higher by around 37.5 points at 10,635, a rise of around 0.35 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 JSW Steel with a stop loss of Rs 310, target of Rs 327
Buy Interglobe Aviation with a stop loss of Rs 1300, target of Rs 1410
Buy Bajaj Finserv with a stop loss of Rs 5150, target of Rs 5300
Buy Voltas with a stop loss of Rs 608, target of Rs 630
Buy IndusInd Bank with a stop loss of Rs 1670, target of Rs 1740
Mitessh Thakkar of miteshthacker.com
Buy Bharat Electronics with a stop loss of Rs 151.50 for target of Rs 164
Buy Can Fin Homes with a stop loss of Rs 528 for target of Rs 560
Buy Godrej Consumer Products with a stop loss of Rs 1063 and target of Rs 1095
Buy Interglobe Aviation with a stop loss of Rs 1316 and target of Rs 1380
Buy Tata Motors with a stop loss of Rs 367 for target of Rs 385
Prakash Gaba of prakashgaba.com
Buy Aurobindo Pharma with target at Rs 622 and stop loss at Rs 607
Buy Mahindra & Mahindra with target at Rs 750 and stop loss at Rs 730
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