The Nifty is now trading above its crucial short-term moving averages and todays intraday low of 10,524 will be of big importance in the coming week, suggest experts. A break below this level could again put further pressure on the index amid expiry week volatility.
On the upside, the next target for the index is placed at 10,733 levels but bulls will be able to take full control of the index if it surpasses 10,929 which was recorded on May 15, 2018.
The Nifty which opened at 10,533 slipped marginally to hit an intraday low of 10,524. Bulls took control of the index and pushed Nifty above 10,600 to hit an intraday high of 10,628 before closing the day at 10,605, up 91 points.
India VIX fell down up by 4.46 percent at 12.55 levels. On the options front, maximum Put OI is intact at 10,500 followed by 10,400 strikes while maximum Call OI is placed at 10,800 followed by 11,000 strikes.
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According to Pivot charts, the key support level is placed at 10,543.47, followed by 10,481.73. If the index starts moving upward, key resistance levels to watch out are 10,647.47 and 10,689.73.
The Nifty Bank index closed at 26,273.6. The important Pivot level, which will act as crucial support for the index, is placed at 26,094.8, followed by 25,916.0. On the upside, key resistance levels are placed at 26,389.0, followed by 26,504.4.
Here is the list of top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Buy Kajaria Ceramics with target at Rs 621 and stop loss at Rs 526
Buy Indian Hotels Company with target at Rs 168 and stop loss at Rs 135
Buy Dabur India with target at Rs 408 and stop loss at Rs 364
Prakash Gaba of prakashgaba.com
Buy United Spirits with target at Rs 3430 and stop loss at Rs 3330
Sell Hindustan Unilever with target at Rs 1554 and stop loss at Rs 1574
Rajesh Agarwal of AUM Capital
Buy Mahindra & Mahindra with stop loss at Rs 857 and target at Rs 885
Buy Dabur India with stop loss at Rs 378 and target of Rs 396
Buy BEML with stop loss at Rs 925 and target at Rs 968
Sell Jubilant Foodworks with stop loss at Rs 2635 and target at Rs 2510
Sell Bharti Infratel with stop loss at Rs 312 and target at Rs 296
Ashwani Gujral of ashwanigujral.com
Sell Ajanta Pharma with a stop loss of Rs 1030, target of Rs 990
Sell Voltas with a stop loss of Rs 548, target of Rs 530
Sell LIC Housing Finance with a stop loss of Rs 492, target of Rs 470
Sell M&M Financial Services with a stop loss of Rs 478, target of Rs 455
Buy Dabur India with a stop loss of Rs 380, target of Rs 395
Sudarshan Sukhani of s2analytics.com
Sell ACC with stop loss at Rs 1325 and target at Rs 1280
Sell PVR with stop loss at Rs 1360 and target of Rs1315
Sell Manappuram Finance with stop loss at Rs 110 and target of Rs 104
Buy United Breweries with stop loss at Rs 1175 and target of Rs 1235
Buy Tata Elxsi with stop loss at Rs 1215 and target of Rs1260
Mitessh Thakkar of mitesshthakkar.com
Buy Biocon with a stop loss of Rs 663 and target of Rs 700
Buy Dabur India with a stop loss of Rs 377 and target of Rs 400
Sell Titan Company with a stop loss of Rs 931 and target of Rs 885
Sell ICICI Bank with a stop loss of Rs 295.5 and target of Rs 276
Sell IndusInd Bank with a stop loss of Rs 1892 and target of Rs 1845
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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.
First Published on May 30, 2018 08:57 am