The Nifty50 which started higher gathered momentum in the last one hour of the trading session on Thursday and closed above its crucial resistance level of 10,500 on Thursday. It made a strong bullish candle which closely resembles a Hanging Man kind of pattern on daily charts.
The index rallied 83 points after falling over 100 points in the previous trading session. Bulls pushed the index above crucial 50-DMA and 100-DEMA. Investors who went long in the index tracking the momentum, should ideally keep a stop below 10,410 levels. The index saw some value buying at lower levels along with short covering which helped Nifty to reclaim 10,500 on closing basis which is a positive sign.
The Nifty50 which opened at 10,464 slipped to an intraday low of 10,419 before bouncing back above 10,500. It hit an intraday high of 10,535 before closing the day at 10,513, up 83 points.
According to Pivot charts, the key support level is placed at 10,444.0, followed by 10,374.2. If the index starts moving upwards, key resistance levels to watch out are 10,559.4 and 10,605.
related news Top stock picks by Ashwani Gujral & Mitessh Thakkar which are good bets in near term Markets@Moneycontrol: Nifty likely to open flat; Infosys, ITC top buysThe Nifty Bank index closed up 1.29 percent at 26,016.80 on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 25,759.1, followed by 25,501.4. On the upside, key resistance levels are placed at 26,173.8, followed by 26,330.8.
Here is the list of top stock ideas by market experts which can give good returns in short term:
Aditya Agarwal of Way2Wealth Brokers
Buy Infosys around Rs 1,214 -1,208 with target at Rs 1,300 and stop loss at Rs 1,170
Buy ITC around Rs 272 - 268 with target at Rs 300 and stop loss at Rs 260
Sell Maruti Suzuki around Rs 8,460 - 8,500 with target at Rs 8,000 and stop loss at Rs 8,810
Prakash Gaba of prakashgaba.com
Buy GSFC with target at Rs 115 and stop loss at Rs 110
Buy HDFC Bank with target at Rs 2010 and stop loss at Rs 1974
Buy Piramal Enterprises with target at Rs 3450 and stop loss at Rs 2380
Buy Mahindra & Mahindra with target at Rs 857 and stop loss at Rs 837
Rajesh Agarwal of AUM Capital
Buy Infosys with stop loss at Rs 1197 and target at Rs 1246
Buy Coal India with stop loss at Rs 274 and target of Rs 288
Buy Housing Development Finance Corporation with stop loss at Rs 1775 and target at Rs 1845
Buy Balrampur Chini Mills with stop loss at Rs 66 and target at Rs 76
Buy Just Dial with stop loss at Rs 450 and target at Rs 484
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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