The market continued to rally for the second straight session on August 9, helping benchmark indices post their first weekly gains in the last five weeks. The uptrend seen was on the hope of measures to boost economic growth and revive dented sentiment on the FPI front.
The BSE Sensex trimmed gains from 480 points intraday to 254.55 points to close at 37,581.91, taking total weekly gains to over a percent. The Nifty 50 rose 77.20 points to 11,109.70 and formed bullish candle resembling a Shooting Star kind of pattern on daily charts. The index also formed a bullish candle on a weekly scale.
The broader markets also saw buying interest, with the Nifty Midcap index rising a percent on Friday and 1.5 percent for the week.
According to the pivot charts, the key support level is placed at 11,054.5, followed by 10,999.3. If the index starts moving upward, the key resistance levels to watch for out are 11,173.2 and 11,236.7.
The Nifty Bank closed at 28,431.90, up by 321.45 points on August 9. The important pivot level, which will act as crucial support for the index, is placed at 28,254.87, followed by 28,077.83. On the upside, key resistance levels are placed at 28,605.87 and 28,779.83.
Buy Mindtree with stop loss at Rs 740 and target of Rs 770
Buy Aurobindo Pharma with stop loss at Rs 590 and target of Rs 618
Buy Manappuram Finance with stop loss at Rs 119 and target of Rs 131
Sell Tata Motors with stop loss at Rs 125 and target of Rs 117
Buy Bharat Forge with a stop loss of Rs 424 and target of Rs 439
Buy Muthoot Finance with a stop loss of Rs 639.5 and target of Rs 666
Buy Bharat Heavy Electricals with a stop loss of Rs 639.5 and target of Rs 666
Buy Indiabulls Housing Finance with a stop loss of Rs 487 and target of Rs 540
MORE WILL UPDATE SOON!!
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