Top buy & sell ideas by Ashwani Gujral, Mitessh Thakkar & Prakash Gaba for March 12
The Nifty formed a bearish candle on the daily charts but made a Bearish Belt Hold kind of pattern on the weekly charts which suggest that the pain may not be over.
A ‘Bearish Belt Hold’ pattern is formed when the opening price for the week becomes the highest point of the week and the index declines throughout the trading week making up for the large body. The candle will either have a small or no upper shadow and small lower shadow.
On Friday, the index opened at 10,271 and rose marginally to hit an intraday high of 10,296. But bears soon took control and pushed the index towards 10,200 to hit an intraday low of 10,211. It closed 15 points lower at 10,226.85.
According to Pivot charts, the key support level is placed at 10,193.57, followed by 10,160.33. If the index starts to move higher, key resistance levels to watch out are 10,278.37 and 10,329.93.
The Nifty Bank closed at 24,296.4 on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 24,182.46, followed by 24,068.53. On the upside, key resistance levels are placed at 24,487.57, followed by 24,678.73.
The Nifty futures on the Singaporean stock exchange were trading higher by around 125 points at 10,338, a rise of around 1.22 percent. This indicates that the domestic market is likely to open on a positive note.
Moneycontrol.com has collated a list of trading ideas from top market experts which one can take cues for better returns:
Ashwani Gujral of ashwanigujral.com
Buy Tech Mahindra with a stop loss of Rs 614, target of Rs 635
Buy Tata Consultancy Services with a stop loss of Rs 3000, target of Rs 3150
Sell Hindalco Industries with a stop loss of Rs 225, target of Rs 200
Sell Axis Bank with a stop loss of Rs 510, target of Rs 490
Sell Sun Pharmaceutical Industries with a stop loss of Rs 512, target of Rs 490
Mitessh Thakkar of miteshthacker.com
Buy Jubilant Foodworks with a stop loss of Rs 2039 and target of Rs 2115
Buy Bajaj Finance with a stop loss of Rs 1636 and target of Rs 1695
Buy Tech Mahindra with a stop loss of Rs 610 and target of Rs 640
Buy TV18 Broadcast above Rs 63.25 with stop loss of Rs 61.9 and target of Rs 67
Sell UltraTech Cement below Rs 4050 with stop loss of Rs 4100 and target of Rs 3960
Prakash Gaba of prakashgaba.com
Sell Bank of Baroda with target at Rs 125 and stop loss at Rs 135
Sell Biocon with target at Rs 580 and stop loss at Rs 610
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Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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.