The Nifty50 opened with big gap down at 10,169.80 followed by a bit of recovery from day's low of 10,138.60 in later part of the session. The index still closed 225.40 points lower at 10,234.70, the lowest closing level since April 4, 2018.
Experts expect the most selling pressure could be possible if the index breaks Thursday's low of 10,138 in coming sessions.
India VIX moved up sharply by 14.68 percent to 20.53 levels. Spurt in VIX from previous day's low suggests that bears are not loosening their grip and bounce are being sold in the market. Now VIX has to cool down below 17.50-17 zones to get any sign of consolidation, experts said.
According to Pivot charts, the key support level is placed at 10,136.87, followed by 10,039.03. If the index starts moving upwards, key resistance levels to watch out are 10,334.27 and 10,433.83.
The Nifty Bank index closed at 24,783.95, up 537.75 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 24,538.37, followed by 24,292.83. On the upside, key resistance levels are placed at 24,984.77, followed by 25,185.63.
Here are the top stock trading ideas which can give good returns in the near term:
Hadrien Mendonca of IIFL
Buy Pfizer with target at Rs 2,980 and stop loss at Rs 2680
Buy Dhampur Sugar with target at Rs 171 and stop loss at Rs 145.5
Sell Jindal Steel & Power Oct Futures with target at Rs 155 and stop loss at Rs 171
Rajesh Agarwal of AUM Capital
Buy Hindustan Petroleum Corporation with stop loss at Rs 198 and target of Rs 220
Buy Dredging Corporation with stop loss at Rs 327 and target of Rs 355
Buy Graphite India with stop loss at Rs 855 and target of Rs 900
Buy Multi Commodity Exchange of India with stop loss at Rs 723 and target of Rs 775
Sell Tata Consultancy Services with stop loss at Rs 2015 and target of Rs 1930
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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