Rajesh Agarwal of AUM Capital recommends buying Indiabulls Housing Finance with stop loss at Rs 1170 and target of Rs 1234, Oil & Natural Gas Corporation with stop loss at Rs 156 and target of Rs 167 and Cummins India with stop loss at Rs 627 and target of Rs 652.

The 30-share BSE hit a fresh record high of 36,747.87 before closing 146.52 points lower at 36,373.44 while the Nifty Midcap index lost a percent.

The Nifty after opening at 11,060.20 moved close to last week's high to hit an intraday high of 11,076.20, but selling pressure in afternoon dragged it below the psychological 11,000-mark to hit day's low of 10,956.30.

The index closed 27.50 points lower at 10,980.50, but managed to hold its 5-DEMA of 10,972.

India VIX moved up by 6.70 percent at 13.68 levels. VIX has gone to its highest levels in last 12 sessions amid political concern.

According to Pivot charts, the key support level is placed at 10,932.47, followed by 10,884.43. If the index starts moving upwards, key resistance levels to watch out are 11,052.37 and 11,124.23.

The Nifty Bank index closed at 26,880.9 on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,747.8, followed by 26,614.7. On the upside, key resistance levels are placed at 27,100.6, followed by 27,320.3.

Here are the top stock trading ideas which can give good returns in the near term:

Achin Goel of Bonanza Portfolio

Buy Ashok Leyland with target at Rs 127 and stop loss at Rs 104

Buy Castrol India with target at Rs 176 and stop loss at Rs 153

Buy Emami with target at Rs 606 and stop loss at Rs 524

Rajesh Agarwal of AUM Capital

Buy Indiabulls Housing Finance with stop loss at Rs 1170 and target of Rs 1234

Buy Oil & Natural Gas Corporation with stop loss at Rs 156 and target of Rs 167

Buy Cummins India with stop loss at Rs 627 and target of Rs 652

Sell Tata Steel with stop loss at Rs 520 and target of Rs 485

Sell United Breweries with stop loss at Rs 1135 and target of Rs 1080

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Disclaimer:- The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.