The index slipped for a fifth consecutive session in a row. It broke below its crucial support placed at 50-DEMA, and 100-DMA placed at 10,557, and 10,538 respectively.
Bears have tightened their hold on D-Street which is evident from the fact that the widely tracked Supertrend indicator gave a sell signal on the charts today. MACD gave a sell signal on daily charts last week.
The Nifty which opened at 10,616 rose to an intraday high of 10,621 but then bulls took control and pushed the index below 10600 levels. The index slipped to an intraday low of 10,505 before closing 79 points lower at 10,516.
India VIX moved up by 1.84 percent at 14.41 levels. On the options front, maximum Put OI is placed at 10,500 followed by 10,600 strikes while maximum Call OI is placed at 11,000 followed by 10,800 strikes.
According to Pivot charts, the key support level is placed at 10,474.43, followed by 10,432.17. If the index starts moving upwards, key resistance levels to watch out are 10,590.33 and 10,663.97.
The Nifty Bank index closed at 25,750.8 on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 25,601.8, followed by 25,452.8. On the upside, key resistance levels are placed at 25,983.3, followed by 26,215.8.
Vinay Rajani of HDFC Securities
Sell Wipro with target at Rs 245 and stop loss at Rs 280
Sell Apollo Hospitals with target at Rs 890 and stop loss at Rs 1,050
Sell Bharti Airtel with target at Rs335 and stop loss at Rs 380
Prakash Gaba of prakashgaba.com
Sell BEML with target at Rs 900 and stop loss at Rs 980
Sell Delta Corp with target of Rs 220 and stop loss at Rs 240
Rajesh Agarwal of AUM Capital
Buy Bharat Petroleum Corporation with stop loss at Rs 380 and target at Rs 410
Buy AU Small Finance Bank with stop loss at Rs 690 and target at Rs 723
Buy Infosys with stop loss at Rs 1162 and target at Rs 1206
Buy West Coast Paper Mills with stop loss at Rs 280 and target at Rs 296
Sell KPIT Technologies with stop loss at Rs 259 and target at Rs 245
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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