The Nifty closed below its crucial support placed at 10,600 levels on Friday which could accelerate the selling pressure on D-Street and the next major support could come at 50-days moving average placed at 10,550-10,560.
The Nifty now trades below its key short-term moving averages such as 5-DEMA, 13-DEMA, and 20-DEMA. The index formed a bearish candle on the daily candlestick charts and a Bearish Engulfing candle on the weekly scale which indicates dominance by bears.
The Nifty index opened flat but continued its losing streak for the fourth consecutive session. It opened at 10,671 and rose to an intraday high of 10,674.
According to Pivot charts, the key support level is placed at 10,565.33, followed by 10,534.27. If the index starts moving upwards, key resistance levels to watch out are 10,651.23 and 10,706.07.
The Nifty Bank index closed at 25,875.6 on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 25,799.07, followed by 25,722.53. On the upside, key resistance levels are placed at 25,992.07, followed by 26,108.53.
Below are the top stocks to buy or sell for good returns in the short term:
Dinesh Rohira of 5nance.com
Buy Time Technoplast with target at Rs 145 and stop loss at Rs 120
Buy JK Tyre & Industries with target at Rs 156 and stop loss at Rs 135
Sell IRB Infrastructure Developers with target at Rs 227 and stop loss at Rs 253
Prakash Gaba of prakashgaba.com
Buy Biocon with target at Rs 665 and stop loss at Rs 635
Sell DCB Bank with target at Rs 175 and stop loss at Rs 184
Rajesh Agarwal of AUM Capital
Buy Karnataka Bank with target at Rs 125 and stop loss at Rs 117
Buy Jubilant Foodworks with target at Rs 2540 and stop loss at Rs 2460
Buy Tech Mahindra with target at Rs 704 and stop loss at Rs 680
Sell Shriram Transport Finance with target at Rs 1375 and stop loss at Rs 1435
Sell PTC India with target at Rs 77 and stop loss at Rs 84
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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