The Nifty made a ‘Bearish Belt Hold’ kind of pattern on the daily charts and closed below its crucial support placed at the 100-day exponential moving average of 10,425.
The index opened at 10,428 and rose marginally to 10,428.70. The bears took control of D-Street in morning trade and pushed the index below the 100 DMA.
The Nifty slipped to an intraday low of 10,323 before closing 99 points lower at 10,358.85. But, after falling for three out of four trading sessions, there is a higher probability of a technical bounceback in this week.
According to Pivot charts, the key support level is placed at 10,312.24, followed by 10,265.67. If the index starts to move higher, key resistance levels to watch out are 10,417.04 and 10,475.27.
The Nifty Bank closed at 24,818.7. Important Pivot level, which will act as crucial support for the index, is placed at 24,709.43, followed by 24,600.17. On the upside, key resistance levels are placed at 24,900.53, followed by 24,982.37.
The Nifty futures on the Singaporean stock exchange were trading higher by around 38 points at 10,398, a rise of around 0.37 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 Can Fin Homes with a stop loss of Rs 540, target of Rs 565
Buy KPIT Technologies with a stop loss of Rs 215, target of Rs 232
Buy Tech Mahindra with a stop loss of Rs 625, target of Rs 650
Buy Bajaj Finserv with a stop loss of Rs 5000, target of Rs 5150
Buy Kotak Mahindra Bank with a stop loss of Rs 1080, target of Rs 1140
Buy Jindal Steel & Power with a stop loss of Rs 244, target of Rs 258
Buy Vedanta with a stop loss of Rs 312, target of Rs 328
Buy IndusInd Bank with a stop loss of Rs 1710, target of Rs 1765
Mitessh Thakkar of miteshthacker.com
Buy Hexaware Technologies with a stop loss of Rs 346.50 and target of Rs 366
Sell Hindalco Industries around Rs 232-233 with stop loss of Rs 240 and target of Rs 220
Sell ONGC below Rs 185 with stop loss of Rs 190 and target of Rs 176
Buy Shriram Transport Finance with a stop loss of Rs 1351 and target of Rs 1400
Buy Tata Consultancy Services with a stop loss of Rs 3074 and target of Rs 3200
Buy PC Jeweller with a stop loss of Rs 341 for target of Rs 362
Sell Hindalco Industries with a stop loss of Rs 240.20 and target of Rs 220
Prakash Gaba of prakashgaba.com
Buy Shriram Transport Finance with target at Rs 1385 and stop loss at Rs 1350
Sell Hindalco Industries with target at Rs 220 and stop loss at Rs 235
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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