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The Nifty registered another 100-point fall on January 3 and slipped below its crucial long-term as well as short-term moving averages. The index formed a strong bearish candle on the daily charts for the second consecutive day in a row.
Weak global cues, as well as persistent selling in metals and auto names, dragged the Nifty below its 200-day moving average as well as 50-day exponential moving average (EMA) of 10,746.
Investors are advised to stay on sidelines until a breakout above 10,930-10,950 or a breakdown below 10,533 before initiating any fresh positions suggest experts. In case there is a pullback because of trading near support levels then it is advisable to go short with a stop below 10,790.
India VIX moved up by 2.44 percent at 16.79 levels. VIX has again spiked higher which is not giving comfort to bulls and finding selling pressure at a bounce back move.
According to Pivot charts, the key support level is placed at 10,617.6, followed by 10,563.0. If the index starts moving upwards, key resistance levels to watch out are 10,770.4 and then 10,868.6.
The Nifty Bank index closed at 26,959.8. The important Pivot level, which will act as crucial support for the index, is placed at 26,853.66, followed by 26,747.53.
On the upside, key resistance levels are placed at 27,136.06, followed by 27,312.33.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Jet Airways with a stop loss of Rs 252, target of Rs 237
Sell Reliance Infra with a stop loss of Rs 295, target of Rs 280
Sell Vedanta with a stop loss Rs 191, target of Rs 180
Sell HDFC with a stop loss of Rs 1950, target of Rs 1900
Buy REC with a stop loss of Rs 118, target of Rs 126
Mitessh Thakkar of miteshthacker..com
Sell Biocon with a stop loss of Rs 628.5 and target of Rs 580
Sell Cholamandalam Investment with a stop loss of Rs 1221 and target of Rs 1150
Buy Bharti Infratel with a stop loss of Rs 265 and target of Rs 284
Buy Praj Industries in range of Rs 123- 120 with stop losss of Rs 114.9 and target of Rs 136
Prakash Gaba of prakashgaba.com
Buy Dabur India with target at Rs 435 and stop loss at Rs 415
Sell Jain Irrigation with target at Rs 61 and stop loss at Rs 66
Sell Divis Labs with target at Rs 1400 and stop loss at Rs 1560
Sell Jet Airways with target at Rs 235 and stop loss at Rs 256
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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