Moneycontrol News
Nervousness ahead of exit polls and results of five state elections and consistent global weakness spooked markets on December 6. The Nifty fell below 10,600 level and the Sensex shed over 600 points intraday. The rupee's depreciation by 43 paise against the US dollar also dented market sentiment.
The exit poll of state elections will be announced on the evening of December 7 immediately after the voting in Rajasthan and Telangana. Final results will be declared on December 11.
The cautious trend is expected to continue ahead of elections results, experts said, adding if the Nifty index closes below 10,500 in coming sessions, then there could be a further correction.
The Nifty50 after a sharp gap-down opening extended losses as the day progressed and fell below 10,600 levels to hit an intraday low of 10,588.25. The index closed 181.70 points or 1.69 percent lower at 10,601.20, forming bearish candle on the daily charts.
India VIX has moved up by 5.62 percent to 19.42 levels. The VIX is not ready to cool down and its hovering at a higher band suggests restricted upside and volatile swings in the market, experts said.
According to Pivot charts, the key support level is placed at 10,552.03, followed by 10,502.87. If the index starts moving upward, key resistance levels to watch out are 10,686.53 and then 10,771.87.
The Nifty Bank index closed at 26,198.30, down 321.30 points on December 6. The important Pivot level, which will act as crucial support for the index, is placed at 26,111.83, followed by 26,025.37. On the upside, key resistance levels are placed at 26,322.33, followed by 26,446.37.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Ceat with a stop loss of Rs 1240, target of Rs 1280
Sell IndusInd Bank with a stop loss of Rs 1590, target of Rs 1530
Buy United Spirits with a stop loss of Rs 638, target of Rs 660
Sell Maruti Suzuki with a stop loss of Rs 7250, target of Rs 7050
Mitessh Thakkar of mitesshthakkar.com
Buy Bata India with a stop loss of Rs 1028 and target of Rs 1060
Buy Colgate Palmolive with a stop loss of Rs 1079 and target of Rs 1222
Sell ICICI Prudential Life Insurance Company on a bounce around Rs 312 - 314 with stop loss of Rs 319 for target of Rs 300
Sell Punjab National Bank on a bounce around Rs 67.5 with stop loss of Rs 69.25 for target of Rs 63
Prakash Gaba of prakashgaba.com
Buy Jindal Steel & power with target at Rs 157 and stop loss at Rs 143
Buy United Breweries with target at Rs 1275 and stop loss at Rs 1190
Sell L&T Finance Holdings with target at Rs 134 and stop loss at Rs 142
Sell Reliance Power with target at Rs 25 and stop loss at Rs 29
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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