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The sell-off in the last hour of trade wiped all gains from the opening and the market closed lower for the session on January 25. Zee Entertainment that crashed over 26 percent and weak earnings by Maruti Suzuki that fell over 7 percent weighed on sentiment.
The 30-share BSE Sensex fell 169.56 points at 36,025.54 and the Nifty50 shed 69.25 points to 10,780.55. Both indices formed bearish candle on the daily and weekly charts. For the week, benchmark indices declined 1 percent each.
The market has not broken its range of 10,700-10,980 yet for last many sessions and the same trend is expected to continue in coming F&O expiry week as well, experts said, adding any unexpected announcement in Interim Budget 2019 could move the index sharply on either side.
The broader markets fell more than frontliners as the Nifty Midcap and Smallcap indices were down 1.6 percent each. All sectoral indices closed in the red barring IT (up 0.45 percent). Auto and realty lost the most, down 3 percent and 4 percent, respectively.
According to Pivot charts, the key support level is placed at 10,714.1, followed by 10,647.7. If the index starts moving upward, key resistance levels to watch are 10,889.3 and then 10,998.1.
The Nifty Bank closed at 27,115.3. The important Pivot level, which will act as crucial support for the index, is placed at 26,962.46, followed by 26,809.63. On the upside, key resistance levels are placed at 27,350.86, followed by 27,586.43.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Hero MotoCorp with a stop loss of Rs 2700, target of Rs 2620
Sell Mahindra & Mahindra with a stop loss of Rs 690, target of Rs 665
Sell India Cements with a stop loss of Rs 82, target of Rs 74
Buy Infosys with a stop loss of Rs 725, target of Rs 750
Buy Titan Company with a stop loss of Rs 970, target of Rs 1000
Sudarshan Sukhani of s2analytics.com
Buy Dabur India with stop loss at Rs 426 and target of Rs 436
Buy HCL Tech with stop loss at Rs 960 and target of Rs 990
Buy Pidilite Industries with stop loss at Rs 1110 and target of Rs 1150
Sell Tata Steel with stop loss at Rs 460 and target of Rs 445
Sell Bajaj Auto with stop loss at Rs 2650 and target of Rs 2580
Prakash Gaba of prakashgaba.com
Buy HCL Tech with target at Rs 990 and stop loss at Rs 960
Sell IDFC with target at Rs 31 and stop loss at Rs 48
Sell Jet Airways with target at Rs 240 and stop loss at Rs 262
Sell Raymond with target at Rs 740 and stop loss at Rs 780
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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