The Nifty50 managed to recoup some losses towards the end of the trade on Wednesday but there is no confirmation of a trend. A direction move is required above 10600 fir bulls to take control or a breakdown below 10,300 will put bears in driving seat.
The Nifty50 which opened with a gap on the lower side managed to recoup losses and closed near its opening level forming a ‘Doji’ kind of candle on the daily candlestick charts.
According to Pivot charts, the key support level is placed at 10,457, followed by 10,422. If the index starts to move higher, key resistance levels to watch out are 10,531 and 10,570.
The Nifty Bank closed at 25,107, down 276 points or 1.09 percent. Important Pivot level, which will act as crucial support for the index, is placed at 24,968, followed by 24,829. On the upside, key resistance levels are placed at 25,219, followed by 25,331.
The Nifty futures on the Singaporean stock exchange were trading lower by around 69 points at 10,450, a fall of around 0.66 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
Buy Bharat Forge with a stop loss of Rs 780, target of Rs 815
Buy Ashok Leyland with a stop loss of Rs 138, target of Rs 150
Sell ICICI Bank with a stop loss of Rs 317, target of Rs 305
Sell Axis Bank with a stop loss of Rs 535, target of Rs 510
Sell Capital First with a stop loss of Rs 672, target of Rs 650
Buy Voltas with a stop loss of Rs 620, target of Rs 645
Buy Fortis Healthcare with a stop loss of Rs 162, target of Rs 176
Buy Dalmia Bharat with a stop loss of Rs 2700, target of Rs 2820
Mitessh Thakkar of miteshthacker.com
Sell Bosch with a stop loss of Rs 18,900 and target of Rs 18,200
Sell Shree Cements with a stop loss of Rs 16,850 and target of Rs 16,000
Sell Zee Entertainment with a stop loss of Rs 576 for target of Rs 545
Buy Apollo Tyres around Rs 272 with stop loss of Rs 265 and target of Rs 286
Buy Bharat Forge around Rs 782 - 780, stop loss of Rs 767 and target of Rs 805
Buy Bajaj Auto with a stop loss of Rs 3038 for target of Rs 3125
Buy Hindustan Zinc with a stop loss of Rs 323 for target of Rs 342
Sudarshan Sukhani of s2analytics.com
Sell Andhra Bank with stop loss at Rs 47 and target of Rs 43
Sell Dish TV with a stop loss at Rs 75 and target of Rs 71
Sell LIC Housing Finance with stop loss at Rs 513 and target of Rs 491
Buy DLF with stop loss at Rs 215 and target of Rs 231
Buy Jubilant Foodworks with stop loss at Rs 1990 and target of Rs 2075
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
