Mitessh Thakkar of mitesshthakkar.com recommends buying Dr Reddy’s Lab with a stop loss below Rs 2284 and target of Rs 2400, Repco Home above Rs 580, with stop loss of Rs 565 and target of Rs 610 and Maruti Suzuki with a stop loss of Rs 9180 and target of Rs 9300.
The Nifty which started on a bullish note reclaimed its crucial resistance level of 10,700 in the opening tick Wednesday and built momentum to rally above 10,750 but closed marginally below its resistance level of 10,770.
The index is now trading above most of its crucial short-term moving averages. It formed a bullish candle on the daily candlestick charts and is now trading above 5, 13, and 50-EMA
After closing above the 50-EMA, now the real challenge for bulls is to cross the interim top placed around 10,850 levels, experts said, adding the further short covering then may push Nifty towards 11,000 levels.
India VIX fell down up by 2.62 percent at 12.65 levels. Lower volatility indicates limited downside and decline is being bought in the market.
According to Pivot charts, the key support level is placed at 10,706.07, followed by 10,642.23. If the index starts moving upwards, key resistance levels to watch out are 10,805.47 and 10,841.03.
The Nifty Bank index closed at 26,433.95, up 229 points. The important Pivot level, which will act as crucial support for the index, is placed at 26,217.70, followed by 26,001.50. On the upside, key resistance levels are placed at 26,565.30, followed by 26,696.70.
Buy Lupin with a stop loss of Rs 928, target of Rs 960
Buy Maruti Suzuki with a stop loss of Rs 9150, target of Rs 9400
Buy IndusInd Bank with a stop loss of Rs 1920, target of Rs 1965
Buy Bajaj Finserv with a stop loss of Rs 6000, target of Rs 6150
Buy Bharat Forge with a stop loss of Rs 630, target of Rs 656
Buy ACC with stop loss at Rs 1330 and target of Rs 1390
Buy United Breweries with stop loss at Rs 1150 and target of Rs 1240
Buy Kotak Mahindra Bank with stop loss at Rs 1350 and target of Rs 1395
Sell Cummins India with stop loss at Rs 660 and target of Rs 630
Sell Can Fin Homes with stop loss at Rs 342 and target of Rs 325
Buy Dr Reddy’s Lab with a stop loss below Rs 2284 and target of Rs 2400
Buy Repco Home above Rs 580, with stop loss of Rs 565 and target of Rs 610
Buy Maruti Suzuki with a stop loss of Rs 9180 and target of Rs 9300
Buy Muthoot Finance with a stop loss of Rs 391 and target of Rs 410
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.
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