Ashwani Gujral of ashwanigujral.com recommends buying NCC with a stop loss of Rs 126, target of Rs 138 and Indraprastha Gas with a stop loss of Rs 300, target of Rs 315 while he advises selling IDBI Bank with a stop loss of Rs 76, target of Rs 68, Canara Bank with a stop loss of Rs 300, target of Rs 285 and Axis Bank with a stop loss of Rs 546, target of Rs 524.
The bulls failed to continue the winning run for the fourth consecutive day in a row as Nifty formed a bearish candle after three bullish candles. The index closed below its crucial 50-DMA and 50-DEMA placed at 10,623 and 10,559 levels respectively on Tuesday.
The Nifty which opened at 10,615 failed to hold on to the momentum and slipped to its intraday low of 10,537. It closed 28 points lower at 10,554.
According to Pivot charts, the key support level is placed at 10,517.1, followed by 10,479.9. If the index starts to move higher, key resistance levels to watch out are 10,611.6 and 10,668.9.
The Nifty Bank closed at 25,383.6. Important Pivot level, which will act as crucial support for the index, is placed at 25,252.13, followed by 25,120.67. On the upside, key resistance levels are placed at 25,619.33, followed by 25,855.07.
The Nifty futures on the Singaporean stock exchange were trading lower by around 60 points at 10,502, a fall of around 0.57 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
Sell IDBI Bank with a stop loss of Rs 76, target of Rs 68
Sell Canara Bank with a stop loss of Rs 300, target of Rs 285
Sell Axis Bank with a stop loss of Rs 546, target of Rs 524
Buy NCC with a stop loss of Rs 126, target of Rs 138
Buy Indraprastha Gas with a stop loss of Rs 300, target of Rs 315
Mitessh Thakkar of miteshthacker.com
Sell Canara Bank with a stop loss of Rs 302.50 and target of Rs 281
Buy Britannia Industries around Rs 4925, stop loss of Rs 4870 and target of Rs 5050
Sell Oracle Financial Services Software with a stop loss of Rs 3950 for target of Rs 3700
Buy Godrej Consumer around Rs 1085 - 1080 with stop loss of Rs 1064 and targe of Rs 1120
Sell PVR with a stop loss of Rs 1352 and target of Rs 1290
Prakash Gaba of prakashgaba.com
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