Rajesh Agarwal of AUM Capital recommends buying Tech Mahindra with stop loss at Rs 699 and target of Rs 733, PVR with stop loss at Rs 1350 and target of Rs 1389 and Dabur India with stop loss at Rs 387 and target of Rs 403.
The 50-share NSE Nifty opened at 10,785.50 which was also the intraday high for the index which resulted in small lower shadow. The bears took control of D-Street in morning trade itself and pushed the index below its crucial support placed at 10,700 levels. It hit an intraday low of 10,652.40 and then bounced back to marginally close above its 50-day exponential moving average (EMA) placed around 10,670.
The index, which is now trading below most of its short-term moving averages such as 5, 13, 20-EMA and 50-DMA, closed down 97.80 points or 0.91 percent at 10,671.40.
Most experts feel if the selling pressure extends, then the Nifty may move towards 10,400 levels but if the index bounces back above its 50-DEMA then there could be some relief for bulls on the expiry day. India VIX moved up by 5.55 percent at 13.51 levels. Spurt in VIX indicates limited upside as of now.
According to Pivot charts, the key support level is placed at 10,620.7, followed by 10,570.0. If the index starts moving upwards, key resistance levels to watch out are 10,753.8 and 10,836.2.
The Nifty Bank index closed at 26,423.4 on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,295.17, followed by 26,166.93. On the upside, key resistance levels are placed at 26,592.97, followed by 26,762.54.
Here are the top stock trading ideas which can give good returns in the near term:
Mustafa Nadeem of Epic Research
Buy Tech Mahindra with target at Rs 730 and stop loss at Rs 700
Buy Dabur India with target at Rs 400 and stop loss at Rs 390
Buy Dr Reddy’s Laboratories with target at Rs 2,330 and stop loss at Rs 2,245
Rajesh Agarwal of AUM Capital
Buy Tech Mahindra with stop loss at Rs 699 and target of Rs 733
Buy PVR with stop loss at Rs 1350 and target of Rs 1389
Buy Dabur India with stop loss at Rs 387 and target of Rs 403
Sell Adani Enterprises with stop loss at Rs 119 and target of Rs 109
Sell Jet Airways with stop loss at Rs 366 and target of Rs 340
Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.
Best services products with best technical support which will make your Financial Trading easy let us to know you more click here for the next level >> Ripples Advisory Or in ONE MISSED CALL ON @9644405056