The market has seen consolidation on Tuesday after a day of massive rally, with the benchmark indices falling half a percent each. However, the broader markets outperformed frontline indices with the Nifty Midcap rising 0.7 percent.
Oil marketing companies, banking & financials and index heavyweight Reliance Industries pulled the Nifty50 below 10,200 levels.
Experts advised to stay neutral on the Nifty for the time being unless it decisively crosses 10,290 levels.
The Nifty50 after a negative start managed to show some recovery in first hour of trade itself and hit an intraday high of 10,285.10, but wiped out those gains in late morning deals and gradually extended losses to hit day's low of 10,175.35 in late trade.
India VIX moved up by 3.27 percent to 20.47 levels. VIX has to go down below 17-16 zones to confirm the short term reversal and a decent bounce back after the sharp cut of last two months.
Here are the top stock trading ideas which can give good returns in the near term:
Abhishek Mondal of Guiness Securities
Buy Exide Industries with target at Rs 290 and stop loss at Rs 240
Buy Aurobindo Pharma with target at Rs 850 and stop loss at Rs 720
Buy Bharat Forge with target at Rs 610 and stop loss at Rs 540
Rajesh Agarwal of AUM Capital
Buy JK Tyre & Industries with stop loss at Rs 101 and target of Rs 113
Buy CESC with stop loss at Rs 690 and target of Rs 742
Buy Just Dial with stop loss at Rs 492 and target of Rs 528
Buy Torrent Power with stop loss at Rs 219 and target of Rs 238
Buy Tech Mahindra with stop loss at Rs 674 and target of Rs 698
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.