Top buy and sell ideas by Sudarshan Sukhani, Mitessh Thakkar, Prakash Gaba for short term

Mitessh Thakkar of  recommends buying Mahindra & Mahindra with a stop loss of Rs 528 and target of Rs 546 and Reliance Industries with a stop loss of Rs 1262 and target of Rs 1300

Indian indices ended on a positive note on August 23 in hopes of a stimulus package from the government. Buying was seen in the metal, auto, pharma, infra and IT, while FMCG stocks remained under pressure.

Sensex was up 228.23 points at 36,701.16, while Nifty was up 88.00 points at 10,829.40. About 1,310 shares advanced, 1,125 shares declined, and 130 shares were unchanged.

IndusInd Bank, ITC, ICICI Bank, Eicher Motors and Kotak Mahindra Bank were among major losers on the Nifty, while gainers were Zee Entertainment, Vedanta, UPL, BPCL and Yes Bank.

According to the pivot charts, key support level is placed at 10,690.17, followed by 10,551.03. If the index starts moving upward, key resistance levels to watch out for are 10,915.47 and 11,001.63.

Nifty Bank closed at 26,958.7, down 684.85 points on August 23. The important pivot level, which will act as crucial support for the index, is placed at 26,610.43, followed by 26,262.16. On the upside, key resistance levels are placed at 27,257.13 and 27,555.57.

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