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The market continued to consolidate for second consecutive session and closed the day on a flat note Wednesday as traders remained cautious ahead of expiry of January derivative contracts, and the outcome of Federal Reserve meeting. Traders also await Interim Budget scheduled to be announced on Friday.
The 30-share BSE Sensex was down 1.25 points at 35,591.25 while the 50-share NSE Nifty fell 0.40 points to 10,651.80 and formed bearish candle on the daily scale.
The index traded in a tight range of 10,687-10,620 levels throughout the day, with positive sentiments majorly supported by banking & metal sector.
India VIX fell by 3.15 percent to 17.85 but overall higher volatility is keeping the volatile swing in the market with restricted upside.
The Nifty Midcap and Smallcap indices gained more than half a percent, outperforming frontliners. Among sectors, Nifty Bank was up 1 percent and Metal rallied 1.9 percent whereas FMCG lost a percent.
According to Pivot charts, the key support level is placed at 10,606.33, followed by 10,560.87. If the index starts moving upward, key resistance levels to watch out are 10,703.73 and then 10,755.67.
The Nifty Bank index closed at 26,825.50 on January 30. The important Pivot level, which will act as crucial support for the index, is placed at 26,707.4, followed by 26,589.3. On the upside, key resistance levels are placed at 26,929.9, followed by 27,034.3.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell LIC Housing Finance with a stop loss of Rs 438, target of Rs 420
Sell HPCL with a stop loss of Rs 236, target of Rs 220
Buy V Guard Industries with a stop loss of Rs 202, target of Rs 216
Buy State Bank of India with a stop loss of Rs 282, target of Rs 297
Sell Ashok Leyland with a stop loss of Rs 83, target of Rs 75
Sudarshan Sukhani of s2analytics.com
Buy Dabur India with stop loss at Rs 426 and target of Rs 440
Buy Reliance Industries with stop loss at Rs 1185 and target of Rs 1225
Buy Infosys with stop loss at Rs 720 and target of Rs 738
Buy Mindtree with stop loss at Rs 885 and target of Rs 930
Sell Bharti Airtel with stop loss at Rs 308 and target of Rs 295
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Mitessh Thakkar of mitesshthakkar.com
Buy Arvind with a stop loss of Rs 89.5 and target of Rs 95
Buy ICICI Bank with a stop loss of Rs 360 and target of Rs 378
Buy Indraprastha Gas with a stop loss of Rs 274.5 and target of Rs 288
Buy Apollo Hospitals with a stop loss of Rs 1306 and target of Rs 1345
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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