The Nifty broke six straight sessions of decline on Thursday and formed a Hammer-like pattern on the daily candlestick charts, but experts feel that bulls are here to stay for a few more sessions. Traders should, therefore, avoid shorting the market.
The Nifty defended its 200-DEMA, placed around 10,101, but still traded below its crucial short-term moving averages, which will remain an overhang.
The index opened at 10,216 and rose to an intraday high of 10,270. It slipped to an intraday low of 10,146 before closing the day at 10,242, up 88 points.
According to Pivot charts, the key support level is placed at 10,169.3, followed by 10,095.9. If the index starts to move higher, key resistance levels to watch out are 10,293.2 and 10,343.7.
The Nifty Bank closed at 24,477.7. Important Pivot level, which will act as crucial support for the index, is placed at 24,172.7, followed by 23,867.7. On the upside, key resistance levels are placed at 24,658.6, followed by 24,839.5.
The Nifty futures on the Singaporean stock exchange were trading higher by around 47 points at 10,285, a rise of around 0.46 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 Titan Company with a stop loss of Rs 810, target of Rs 840
Buy Reliance Industries with a stop loss of Rs 900, target of Rs 925
Buy Jubilant Foodworks with a stop loss of Rs 1990, target of Rs 2050
Buy ICICI Bank with a stop loss of Rs 290, target of Rs 310
Buy State Bank of India with a stop loss of Rs 250, target of Rs 268
Sell Canara Bank with a stop loss of Rs 250, target of Rs 235
Sell Yes Bank with a stop loss of Rs 311, target of Rs 295
Buy Dabur India with a stop loss of Rs 328, target of Rs 345
Mitessh Thakkar of miteshthacker.com
Buy Escorts with a stop loss of Rs 838 and target of Rs 890
Buy Raymond with a stop loss of Rs 881 and target of Rs 950
Sell United Breweries below Rs 1008 with stop loss of Rs 1030 and target of Rs 950
Buy Tata Steel with a stop loss of Rs 624.90 and target of Rs 655
Buy Hero MotoCorp with a stop loss of Rs 3595 and target of Rs 3670
Sell Petronet LNG with a stop loss of Rs 238 and target of Rs 221
Prakash Gaba of prakashgaba.com
Buy Ashok Leyland with target at Rs 147 and stop loss at Rs 143
Buy Asian Paints with target at Rs 1145 and stop loss at Rs 1117
Sell Biocon with target at Rs 575 and stop loss at Rs 615
Sell Tata Steel with target at Rs 620 and stop loss at Rs 645
Sandeep Wagle of powermywealth.com
Buy Hero MotoCorp with a stop loss at Rs 3630 and target of Rs 3720
Sell BEML with a stop loss at Rs 1124 and target of Rs 1076
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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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