Benchmark indices closed higher for the seventh consecutive session on December 19, driven by lower oil prices and bond yields. A likely dovish stance by the Federal Reserve in its policy meeting decision due tonight and continued liquidity infusion by RBI via open market operations (OMOs) also boosted market sentiment.
The 30-share BSE Sensex rose 137.25 points to 36,484.33 and the 50-share NSE Nifty climbed 58.60 points to 10,967.30.
The Nifty index formed bullish candle on the daily charts. The momentum is so strong that it could touch psychological 11,000 level in the coming session, experts said.
According to Pivot charts, the key support level is placed at 10,935.13, followed by 10,902.97. If the index starts moving upward, key resistance levels to watch out are 10,992.33 and then 11,017.37.
The Nifty Bank index closed at 27,298.40, up 123.70 points on December 19. The important Pivot level, which will act as crucial support for the index, is placed at 27,220.37, followed by 27,142.33. On the upside, key resistance levels are placed at 27,370.37, followed by 27,442.33.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy V Guard Industries with a stop loss of Rs 220, target of Rs 234
Buy Dabur India with a stop loss of Rs 452, target of Rs 468
Buy Bank of India with a stop loss of Rs 94, target of Rs 106
Buy Exide Industries with a stop loss of Rs 264, target of Rs 280
Buy KPIT Technologies with a stop loss of Rs 224, target of Rs 238
Sudarshan Sukhani of s2analytics.com
Buy UPL with stop loss at Rs 745 and target of Rs 770
Buy Hero MotoCorp with stop loss at Rs 3250 and target of Rs 3380
Sell Bharat Forge with stop loss at Rs 530 and target of Rs 510
Sell Reliance Capital with stop loss at Rs 224 and target of Rs 208
Sell Dewan Housing Finance with stop loss at Rs 230 and target of Rs 215
Mitessh Thakkar of mitesshthakkar.com
Buy Axis Bank with a stop loss below Rs 630 for target of Rs 665
Buy Exide Industries around Rs 267 - 266 with stop loss of Rs 262 and target of Rs 279
Sell HCL Tech with a stop loss of Rs 970 and target of Rs 932
Buy Torrent Power above Rs 273 with stop loss of Rs 267 and target of Rs 288
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Source: Moneycontrol
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