The Nifty which started with a gap on the higher side reclaimed its crucial psychological resistance level of 10550 on Thursday but closed around its opening level making a Doji kind of pattern on the daily charts.
The pattern also closely resembles a Harami Cross which is a two-candlestick pattern in which the first candle is a large candle which is followed by a Doji candle. The pattern suggests that the previous trend may be about to reverse.
However, in Thursdays session, we saw a formation of a Doji candle after a bearish candle but the trend is unlikely to shift unless 10500 is broken on the downside convincingly, suggest experts.
The Nifty which opened at 10563 rose to an intraday high of 10,572. It hit an intraday low of 10546 before closing the day at 10565, up 39 points.
related news Podcast | Trade the rally on Nifty with caution; 3 stocks which could give up to 11% return Buy Yes Bank, target Rs 348: Hadrien Mendonca
As market breadth is picking up traders are advised to shift their focus on stock specific opportunities. On the index, a break below 10500 could fuel selling pressure while a break out above 10630 shall extend the rally.
Here are the top stock ideas by market experts which can give good returns:
Hadrien Mendonca of IIFL
V-Guard Industries Ltd: BUY | Target: Rs 276 | Stop loss: Rs 232
Yes Bank Ltd: BUY | Target: Rs 348 | Stop loss: Rs 306
Sunteck Realty Ltd: BUY | Target: Rs 470 | Stop loss: Rs 413
Buy Larsen & Toubro with target of Rs 1420 and stop loss at Rs 1280
Buy Jet Airways with target of Rs 670 and stop loss at Rs 590
Buy Sun TV Network with target of Rs 960 and stop loss at Rs 890
Buy Hindustan Petroleum Corporation with target of Rs 345 and stop loss at Rs 278
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