The Nifty formed a bearish candle on the daily charts on Thursday while on the weekly charts it formed a ‘Shooting Star’ kind of pattern which should weigh on markets in the coming week.
The Nifty index continued its weakness for the third consecutive session and corrected towards 10450 zones. The index has been making lower high and lower lows from the last two trading sessions and sustained selling is seen at every small bounce back move.
According to Pivot charts, the key support level is placed at 10,428.5, followed by 10,398.7. If the index starts to move higher, key resistance levels to watch out are 10,506.8 and 10,555.3.
The Nifty Bank closed at 24,902.6. Important Pivot level, which will act as crucial support for the index, is placed at 24,762.63, followed by 24,622.67. On the upside, key resistance levels are placed at 25,134.33, followed by 25,366.07.
The Nifty futures on the Singaporean stock exchange were trading higher by around 28 points at 10,342, a rise of around 0.28 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 Future Lifestyle with a stop loss of Rs 414, target of Rs 432
Buy NIIT Tech with a stop loss of Rs 865, target of Rs 890
Sell State Bank of India with a stop loss of Rs 266, target of Rs 252
Sell Power Finance Corporation with a stop loss of Rs 106, target of Rs 94
Sell Bank of Baroda with a stop loss of Rs 142, target of Rs 130
Sell Maruti Suzuki with a stop loss of Rs 8850, target of Rs 8650
Buy Thomas Cook with a stop loss of Rs 242, target of Rs 263
Sell Indiabulls Housing Finance with a stop loss of Rs 1260, target of Rs 1200
Mitessh Thakkar of miteshthacker.com
Sell Cipla with a stop loss of Rs 590 and target of Rs 564
Sell IRB Infra with a stop loss of Rs 228.50 and target of Rs 215
Buy NIIT Tech with a stop loss of Rs 854 and target of Rs 900
Sell Titan Company with a stop loss of Rs 817.50 and target of Rs 790
Sell HDIL with a stop loss of Rs 49.25 and target of Rs 46
Sell GAIL India with a stop loss of Rs 449 for target of Rs 430
Sell ONGC with a stop loss of Rs 190 and target of Rs 178
Prakash Gaba of prakashgaba.com
Sell HDIL with target at Rs 45 and stop loss at Rs 50
Sell PVR with target at Rs 1275 and stop loss at Rs 1325
Indiabulls Real Estate can slide to around Rs 204, keep stop loss at Rs 213
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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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