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Bears retained a tight grip on Dalal Street for the fourth day in a row on September 21, as the Nifty 50 - after gap up opening - fell sharply in the afternoon and broke crucial support of 11,000, but managed to pull back some losses in the latter part of the session to close off the day's low.
The free fall in Yes Bank after RBI's decision to end Rana Kapoor's term as CEO, and impact of the weakness in the rupee and hardening bond yield, started reflecting on NBFCs as sentiments were hit across sectors.
The Nifty Midcap index dropped 2.5 percent while Nifty Bank was down 2.6 percent and Realty lost 3.5 percent followed by auto, financial service and pharma.
The Nifty 50 started the day on a strong note at 11,271.30 and hit the day's high of 11,346.80 following positive global cues, and due to short covering, but suddenly crashed in the afternoon to break the 11,000-mark and hit an intraday low of 10,866.45, which last seen on July 9, showing a loss of 368 points intraday.
The index managed to recoup 2/3rd of losses in the last hour of trade to close 91.30 points lower at 11,143.10.
India VIX moved up sharply by 10.92 percent to 15.53 and during the day it made a high of 16.92 which is the highest level in the last seven months since February 20, 2018.
According to Pivot charts, the key support level is placed at 10,890.8, followed by 10,638.5. If the index starts moving upwards, key resistance levels to watch out are 11,371.1 and 11,599.1.
The Nifty Bank index closed at 25,596.90, down 680.45 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 24,936.67, followed by 24,276.43. On the upside, key resistance levels are placed at 26,373.77, followed by 27,150.63.
Here are the top stock trading ideas which can give good returns in the near term:
Sumeet Bagadia of Choice Broking
Buy Oil India Limited at Rs 218.65-216.50 with stop loss at Rs 209 and target at Rs 235
Buy Bharat Petroleum Corporation with stop loss at Rs 348 and target at Rs 390-403
Buy Bharti Infratel at Rs 281.20 with stop loss at Rs 263.20 and target at Rs 320
Rajesh Agarwal of AUM Capital
Buy L&T Finance Holdings with stop loss at Rs 134 and target of Rs 150
Buy Apollo Hospitals with stop loss at Rs 1012 and target of Rs 1085
Buy ITC with stop loss at Rs 299 and target of Rs 310
Buy Strides Pharma with stop loss at Rs 480 and target of Rs 518
Buy Just Dial with stop loss at Rs 495 and target of Rs 548
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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