Experts line up 10 best bets for next 3-4 weeks as bulls rule the Street

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The market ended 1 percent in the green at the close of the week on November 3, rebounding from 2.5 percent in the red, as global markets threw up positive vibes. The benchmark Nifty50 reached the 19,200-19,300, the crucial resistance area, which had acted as a strong support level in August. Hence, if the said level get decisively broken on the higher side, then 19,500-19,600 can't be ruled out, whereas on the lower side, 19,000-18,900 is likely to be a key support zone, experts said.Further, the index continued its higher high, higher low formation on the daily charts, after hitting 200-day EMA (exponential moving average) on October F&O expiry day, while on the weekly scale, it has formed bullish candlestick pattern after robust bearish candlestick pattern in previous week, and traded within previous week's range.The Nifty50 settled last Friday at 19,231, up 183 points during the week."From a technical perspective, the Nifty index has demonstrated a substantial rebound, particularly from the 200-day exponential moving average (DEMA). However, it's worth noting that resistance levels at 19,330, 19,440, and 19,550 pose challenges," Santosh Meena, Head of Research at Swastika Investmart said.He feels the correction is anticipated to conclude once the Nifty surpasses the 19,550 mark, maintaining a bullish outlook as long as it stays above the 19,060 mark.However, if the Nifty dips below this level, there is a risk of moving toward the 200-day DEMA, currently situated around 18,650, he said. If the index reaches 19,500-19,600, then it will start trading above all key moving averages (20, 50, 100 and 200-day EMA), but sustainability above these levels is key for further run in the index.It would be advisable to lighten the long commitments in the resistance zone of 19,500-19,600, Vinay Rajani, CMT, senior technical and derivative analyst at HDFC Securities said."The 50-day EMA for Nifty is currently placed at 19,450 levels and same can also offer resistance in the short term. Positional charts indicate overall bearish structure for Nifty with lower top and lower bottom formation and therefore it looks difficult for Nifty to sustain above 19,500-19,600 mark in the next week," he said.Let's take a look at the top 10 trading ideas by experts for the next three-four weeks. Returns are based on the October 3 closing prices:Expert: Viraj Vyas, CMT, Technical & Der...

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