The Nifty fell for the second consecutive day on March 8 and but gained 1.5 percent during the week despite global growth concerns. The 30-share BSE Sensex fell 53.99 points to 36,671.43 as the Nifty slipped 22.80 points to 11,035.40 and formed 'Doji' kind of candle on the daily chart. The index managed to settle the week above 11,000 and formed bullish candle on the weekly scale with the highest weekly close in the last 24 weeks.
India VIX fell 8.17 percent to 14.94. The decline in VIX has given a comfort zone to bulls to hold beyond 11,000.
Interestingly, the Nifty is trading above its three major simple moving averages 20-DMA, 50-DMA, and 200-DMA that are placed between 10,830 and 10,870. This suggests a validated up move is in progress and strong support zone exists on the lower side, experts said.
According to Pivot charts, the key support level is placed at 11,013.27, followed by 10,991.13. If the index starts moving upward, key resistance levels to watch out are 11,053.27 and 11,071.13.
The Nifty Bank index closed at 27,761.80, down 2.80 points on March 8. The important Pivot level, which will act as crucial support for the index, is placed at 27,667.7, followed by 27,573.6. On the upside, key resistance levels are placed at 27,833.6, followed by 27,905.4.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy NCC with a stop loss of Rs 98, target of Rs 106
Buy LIC Housing Finance with a stop loss of Rs 488, target of Rs 510
Buy L&T Finance Holdings with a stop loss of Rs 138, target of Rs 150
Buy Jubilant Foodworks with a stop loss of Rs 1325, target of Rs 1380
Sudarshan Sukhani of s2analytics.com
Buy Britannia Industries with stop loss at Rs 3027 and target of Rs 3110
Buy Bajaj Auto with stop loss at Rs 2930 and target of Rs 2990
Buy UPL with stop loss at Rs 874 and target of Rs 894
Buy Siemens with stop loss at Rs 1010 and target of Rs 1040
Buy HDFC Bank with stop loss at Rs 2110 and target of Rs 2150
Mitessh Thakkar of mitesshthakkar.com
Buy Bajaj Finance above Rs 2785 with stop loss of Rs 2764 and target of Rs 2840
Buy Vodafone Idea above Rs 33 with stop loss of Rs 32.5 and target of Rs 35
Buy Petronet LNG with a stop loss of Rs 228 and target of Rs 245
Sell Asian Paints with a stop loss of Rs 1392 and target of Rs 1355
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