Five days of a successive rally in the Indian markets pushed Nifty beyond its crucial resistance levels of 10,985-11,000 on February 6. The index made a long bullish candle for the 5th consecutive day in a row.
Nifty 50 opened at 10,965 and slipped marginally to 10,962 before breaking above 11,000 levels. It touched an intraday high of 11,072 before closing the day at 11,062, up 128 points from its previous close of 10,934.35.
The index managed to surpass crucial resistance levels in a single trading session and is on track to hit a higher target towards 11,400, experts said. India VIX fell 0.95 percent to 15.63 levels which should comfort bulls.
Bank Nifty comparatively remained range bound but managed to extend its gains towards 27,400 zones. It formed a Bullish Candle and entered the crucial hurdle zone of 27,500-27,750.
According to Pivot charts, the key support level is placed at 10,992.6, followed by 10,922.7. If the index starts moving upward, key resistance levels to watch out are 11,102.5 and then 11,142.5.
Traders are advised to remain long with a stop below 10,980 levels on a closing basis and look for a bigger target placed around 11,400 levels, experts said.
The Nifty Bank index closed at 27,402.3. The important Pivot level, which will act as crucial support for the index, is placed at 27,321.36, followed by 27,240.43. On the upside, key resistance levels are placed at 27,455.96, followed by 27,509.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Axis Bank with a stop loss of Rs 720, target of Rs 745
Buy Hexaware Tech with a stop loss of Rs 355, target of Rs 372
Buy Maruti Suzuki with a stop loss of Rs 7150, target of Rs 7300
Buy Bajaj Finance with a stop loss of Rs 2690, target of Rs 2760
Buy Tata Steel with a stop loss of Rs 480, target of Rs 510
Mitessh Thakkar of mitesshthakkar.com
Buy CESC with a stop loss of Rs 716 and target of Rs 755
Buy Cipla with a stop loss of Rs 527 and target of Rs 548
Buy Hindalco Industries with a stop loss of Rs 207 and target of Rs 219
Buy PNB Housing Finance with a stop loss of Rs 918 and target of Rs 995
Prakash Gaba of prakashgaba.com
Buy Bajaj Finance with target at Rs 2750-2800 and stop loss at Rs 2650
Buy Grasim Industries with target at Rs 775 and stop loss at Rs 716
Buy Hindalco Industries with target at Rs 220 and stop loss at Rs 207
Buy State Bank of India with target at Rs 295 and stop loss at Rs 285
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