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After a rangebound move, the Nifty fell sharply in last hour of trade on January 24 and formed big bearish candle on the daily charts, weighed by index heavyweights HDFC Bank, Infosys, HDFC and Reliance Industries.
ITC was the biggest loser, down over 4 percent after margin disappointment in Q3.
The immediate crucial support for the index could be 10,790, experts said, adding if it breaks that level then there could be a sharp fall in coming sessions.
Overall index has got stuck in a broader trading range of 10,700 to 10,985 zones and requires a decisive range breakout for next leg of the rally, experts said.
India VIX moved up by 0.58 percent to 18.08 levels. Volatility has to cool down below 16 zones to get a decisive range breakout.
According to Pivot charts, the key support level is placed at 10,810.13, followed by 10,770.47. If the index starts moving upward, key resistance levels to watch out are 10,878.03 and then 10,906.27.
The Nifty Bank index closed at 27,266.4. The important Pivot level, which will act as crucial support for the index, is placed at 27,158.7, followed by 27,051.0. On the upside, key resistance levels are placed at 27,358.2, followed by 27,450.0.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy YES Bank with a stop loss of Rs 208, target of Rs 224
Buy Reliance Industries with a stop loss of Rs 1235, target of Rs 1285
Buy Rural Electrification Corporation with a stop loss of Rs 118, target of Rs 130
Buy HDFC with a stop loss of Rs 1960, target of Rs 2000
Buy NIIT Tech with a stop loss of Rs 1285, target of Rs 1340
Mitessh Thakkar of mitesshthakkar.com
Buy Dr Reddy's Labs with a stop loss of Rs 2640 and target of Rs 2725
Buy Kaveri Seed Company with a stop loss of Rs 569 and target of Rs 595
Sell Motherson Sumi Systems around Rs 155 with stop loss of Rs 159 and target of Rs 146
Buy Page Industries with a stop loss of Rs 23000 and target of Rs 23800
Prakash Gaba of prakashgaba.com
Buy Dr Reddy's Labs with target at Rs 2700 and stop loss at Rs 2650
Buy Shriram Transport with target at Rs 1150-1160 and stop loss at Rs 1090
Buy State Bank of India with target at Rs 295 and stop loss at Rs 285
Sell Tata Elxsi with target at Rs 900 and stop loss at Rs 940
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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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