Rajesh Agarwal of AUM Capital recommends buying Bharti Airtel with stop loss at Rs 288 and target of Rs 310, JSW Steel with stop loss at Rs 348 and target of Rs 360 and Axis Bank with stop loss at Rs 550 and target of Rs 575.
The Nifty after sharp gap down opening continued to trade lower throughout the session on Thursday, the last day of October series. Global cues and correction in index heavyweights Reliance Industries and HDFC twins weighed down the market.
The index hit fresh seven-month low during the day but managed to show some recovery in later part of the session to close above 10,100 levels. It made small bodied bearish candle on the daily charts, which resembles a ‘Doji’ kind of pattern.
Experts feel the market behaviour indicated that it may be bottoming out for the time being. Hence, the pull back rally could be possible in coming sessions, which could be short lived, they said.
According to Pivot charts, the key support level is placed at 10,080.6, followed by 10,036.3. If the index starts moving upwards, key resistance levels to watch out are 10,167.9 and then 10,210.9.
The Nifty Bank index closed at 24,817.4. The important Pivot level, which will act as crucial support for the index, is placed at 24,683.7, followed by 24,550.0.
On the upside, key resistance levels are placed at 24,964.2, followed by 25,111.0.
Here are the top stock trading ideas which can give good returns in the near term:
Dharmesh Shah of ICICI Direct.com Research
Buy State Bank of India with target at Rs 298 and stop loss at Rs 237
Buy Tata Steel with target at Rs 625 and stop loss at Rs 520
Rajesh Agarwal of AUM Capital
Buy Bharti Airtel with stop loss at Rs 288 and target of Rs 310
Buy JSW Steel with stop loss at Rs 348 and target of Rs 360
Buy Axis Bank with stop loss at Rs 550 and target of Rs 575
Buy State Bank of India with stop loss at Rs 244 and target of Rs 260
Buy V-Guard Industries with stop loss of Rs 165 and target of Rs 182
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