Prakash Gaba of prakashgaba.com suggets buying Bajaj Auto Pharma with target at Rs 2810 and stop loss at Rs 2717.
The recovery in afternoon helped market close moderately higher on August 16 as traders await government’s act to revive slowing economy. The sectoral trend was mixed with Nifty Bank and Auto indices gaining 0.7 percent and 1.15 percent respectively while Pharma, IT and Metal closed in red.
The BSE Sensex gained 38.80 points to close at 37,350.33 while the Nifty50 rose 18.40 points to 11,047.80 and formed Doji kind of pattern on daily charts as opening and closing values are almost equal.
For the week, the index lost 0.56 percent and saw Hammer kind of candle formation on weekly scale, which is bullish reversal candle by nature so there could be some upside in coming session. The broader markets gained 0.2 percent on Friday, but lost more than half a percent for the week.
According to the pivot charts, key support level is placed at 10,958.5, followed by 10,869.2. If the index starts moving upward, key resistance levels to watch out for are 11,102.9 and 11,158.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Mitessh Thakkar of mitesshthakkar.com
Buy Punjab National Bank (PNB) with a stop loss of Rs 66.5 and target of Rs 71.5
Buy Bata India with stop loss of Rs 1454 and target of Rs 1510
Sell Dr Reddy’s Laboratories with stop loss of Rs 2530 and target of Rs 2425
Buy Grasim Industries above Rs 760 with a stop loss of Rs 748 and target of Rs 785
Prakash Gaba of prakashgaba.com
Buy Bajaj Auto with target at Rs 2810 and stop loss at Rs 2717
Buy IndusInd Bank with target at Rs 1475 and stop loss at Rs 1420
Buy Punjab National Bank (PNB) with target at Rs 72 and stop loss at Rs 67
Buy UPL with target at Rs 585 and stop loss at Rs 532
Sudarshan Sukhani of s2analytics.com
Buy Reliance Industries with stop loss at Rs 1255 and target at Rs 1295
Buy Hexaware with stop loss at Rs 381 and target of Rs 399
Buy Indraprastha Gas with target at Rs 342 and stop loss at Rs 321
Buy IDFC First Bank with target at Rs 47.5 and stop loss at Rs 44.5
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