Indian markets opened higher on Tuesday despite mixed global cues. The S&P BSE Sensex rose more than 300 points while the Nifty50 reclaimed 17700 levels.
Sectorally, buying was seen in utilities, power, realty, and energy stocks.
Nifty50 reclaimed 17600 levels on Monday which is a positive sign, but it may face some resistance close to 17720-17800 levels, suggest experts.
“On the technical front, the key resistance level for Nifty50 is 17720 followed by 17770 and on the downside 17550 level followed by 17480 can act as strong supports,” Mohit Nigam, Head – PMS, Hem Securities, said.
Key resistance and support levels for Bank Nifty are 39980 and 39500 respectively, he said.
The highest new OI addition was seen at 18000 for Calls and 17000 for Puts in weekly and at 18000 for Calls and 16000 for Puts in monthly contracts.
“It may take a while to breach the 18000 barriers again but the near-term prospects of the same will stay alive as long as 17470-17400 region holds,” Anand James – Chief Market Strategist at , said.
We have collated stocks from various experts for traders who have a short-term trading horizon:
Expert: Ajit Mishra, VP – Technicals, Broking told ETBureau
Apollo Tyres: Buy| Target Rs 280| Stop Loss Rs 240
We are seeing noticeable traction in the auto ancillary and related stocks space. Apollo Tyre is trading in sync with the move.
Bharti Airtel: Buy| Target Rs 775| Stop Loss Rs 720
The telecom major looks set for a consolidation breakout after spending nearly two weeks in a narrow range.
ICICI Bank: Buy| Target Rs 910| Stop Loss Rs 865
is a top performer in the banking space. The recent pause around the record high is a buying opportunity.
JSW Steel: Buy| Target Rs 715| Stop Loss Rs 660
Metals look upbeat to extend the prevailing rebound.
looks strongest among the pack.
Expert: Kunal Bothra, Market Expert told ETNow
DCB Bank: Buy| Target Rs 106| Stop Loss Rs 96
NALCO: Buy| Target Rs 70| Stop Loss Rs 58
IDFC Ltd: Buy| Target Rs 73| Stop Loss Rs 67
Expert: Nooresh Merani, an independent technical analyst told ETNow
NTPC: Buy| Target Rs 180| Stop Loss Rs 158
BHEL: Buy| Target Rs 70| Stop Loss Rs 58
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Time
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