Moneycontrol News
The market snapped the five-day winning streak and closed lower on Tuesday, dented by profit booking as well as correction in global peers. Select banking and financials, auto and metals stocks pulled the market down.
The 30-share BSE Sensex was down 134.32 points at 36,444.64 while the Nifty50 fell 39.10 points to 10,922.80 and formed 'Hanging Man' kind of pattern on the daily candlestick chart (after rising more than 200 points in the previous five consecutive sessions).
"The short term trend of Nifty continues to be choppy. Unless we see an evidence of strength in the upside momentum of Nifty/broader indices, we are unlikely to see any upside breakout in the market," Nagaraj Shetti, Technical Research Analyst at HDFC Securities told Moneycontrol.
According to Pivot charts, the key support level is placed at 10,874.73, followed by 10,826.67. If the index starts moving upward, key resistance levels to watch out are 10,960.33 and then 10,997.87.
The Nifty Bank index closed at 27,482.2, down 51.35 points on January 22. The important Pivot level, which will act as crucial support for the index, is placed at 27,400.64, followed by 27,319.07. On the upside, key resistance levels are placed at 27,548.54, followed by 27,614.87.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Mahindra & Mahindra with a stop loss of Rs 714, target of Rs 690
Sell Tata Steel with a stop loss of Rs 462, target of Rs 440
Sell Reliance Infra with a stop loss of Rs 285, target of Rs 270
Buy Titan Company with a stop loss of Rs 975, target of Rs 1000
Buy Aurobindo Pharma with a stop loss of Rs 780, target of Rs 810
Sudarshan Sukhani of s2analytics.com
Buy Dabur India with stop loss at Rs 427 and target of Rs 445
Buy Bajaj Finance with stop loss at Rs 2580 and target of Rs 2670
Buy Piramal Enterprises with stop loss at Rs 2280 and target of Rs 2400
Buy Hexaware Tech with stop loss at Rs 326 and target of Rs 340
Sell Chennai Petroleum with stop loss at Rs 265 and target of Rs 254
Mitessh Thakkar of mitesshthakkar.com
Buy Amara Raja Batteries with stop loss of Rs 770 and target of Rs 805
Buy Dr Reddy's Labs with a stop loss of Rs 2619 and target of Rs 2700
Buy Wipro with a stop loss below Rs 340 for target of Rs 360
Sell Jubilant Foodworks with a stop loss of Rs 1190 and target of Rs 1130
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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