Strong support for Nifty at 11,393 for Tuesday. Here are 3 buy/sell calls by Equity99

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Sumit BilgaiyanEquity99

On Monday, the market saw huge sell off during the day and closed with a big negative sign. Meanwhile, Asian and European markets also remained mixed.

Weak rupee was the main concern for Indian market and at the end of Monday, Nifty closed at 11,438.1, down by 151 points from previous close.

Indian rupee hit fresh low of 72.67 against the dollar which creates more worries over fiscal slippages. Banking and NBFC stocks were top losers due to weak rupee.

Nifty has formed big red candlestick with lower top which is negative. Short-term moving averages turned negative.

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For today's trading, 11,393 will act as strong support. Break of this level with volume will create fresh panic up to 11,359-11,340. On the upper side, 11,500 will act as strong resistance.

Here is a list of 3 stock picks that could return 1-5 percent:

Natco Pharma

Slow and steady, the stock is gaining its upward momentum on chart. It is ready to hit its 200-day moving average.

We recommend buying around Rs 805-803 with the stop loss of Rs 790 and for the target of Rs 830.

Balrampur Chini

Finally, the stock has given strong break out from consolidation range. The stock is ready to move higher side in short term.

We recommend buying around Rs 79-78.5 with the stop loss of Rs 77 and for the target of Rs 83.

Kotak Mahindra Bank

The stock has broken its strong support area. Weak rupee will create panic in banking stock. It is looking weak on the charts.

We recommend selling around Rs 1,227-1,230 with the stop loss of Rs 1,238 and for the target of Rs 1,210.

Disclaimer: The author is Founder of Equity99. The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.