Mitesh Thakkar of Miteshthakkar.com recommends buying Motherson Sumi Systems with a stop loss of Rs 104.5 for target of Rs 114 and NIIT Tech with a stop loss of Rs 1454 for target of Rs 1495.
The market recovered from its lows and ended with moderate gains on October 23 as buying in select PSU banks, IT and auto stocks helped Nifty finish above 11,600 and Sensex above 39,000 level. BSE midcap and smallcap indices ended with little change.
At close, the Sensex was up 94.99 points at 39,058.83, while Nifty was up 15.70 points at 11,604.10.
According to the pivot charts, the key support level for the Nifty is placed at 11,555.13, followed by 11,506.17. If the index starts moving up, key resistance levels to watch out for are 11,652.33 and 11,700.57.
Nifty Bank closed with a gain of 48.45 points at 29,459.60 on October 23. The important pivot level, which will act as crucial support for the index, is placed at 29,234.53, followed by 29,009.46. On the upside, key resistance levels are placed at 29,664.23 and 29,868.87.
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