Sudarshan Sukhani of s2analytics.com recommends buying Bajaj Auto with stop loss at Rs 2998 and target of Rs 3058, HCL Tech with stop loss at Rs 1010 and target of Rs 1048 and HDFC Bank with stop loss at Rs 2238 and target of Rs 2275.
The market closed March 15 session as well as the week on a strong note, with the BSE Sensex rising 269 points for the day and 1,353 points for the week to top the psychological 38,000 level.
Positive global cues on renewed optimism over a US-China trade deal and a buying interest in banking and financials lifted market sentiment.
The Nifty rallied 0.74 percent on March 15, and 3.5 percent for the week to form a bullish candle that resembles a spinning top formation on the daily charts and a robust bull candle on the weekly charts.
The broader markets turned mixed with Nifty Midcap index gaining 0.65 percent and the Smallcap index falling half a percent. Among sectors, the Nifty Bank was up 1.58 percent and IT index was up 1.88 percent.
According to the Pivot charts, the key support level is placed at 11,369.4, followed by 11,312.0. If the index starts moving upward, key resistance levels to watch out are 11,485.6 and 11,544.4.
The Nifty Bank index closed at 29,381.45, up 458.35 points on March 15. The important Pivot level, which will act as crucial support for the index, is placed at 29,074.57, followed by 28,767.73. On the upside, key resistance levels are placed at 29,604.46, followed by 29,827.53.
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