Ashwani Gujral of ashwanigujral.com recommends selling Sell Oil India Limited with stop loss of Rs 178, target of Rs 166, JSW Steel with a stop loss of Rs 296, target of Rs 280 and Titan Company with a stop loss of Rs 886, target of Rs 860.
The market started the week on a cautious note with benchmark indices closing sharply lower amid weak global cues on December 24, 2018. The 30-share BSE Sensex plunged 271.92 points to 35,470.15.
The 50-share NSE Nifty closed below psychological 10,700 levels as well as 200-day moving average. The index was down 90.50 points at 10,663.50 and formed a bearish candle on the daily charts.
The broader markets also ended in the red with the Nifty Midcap index rising 0.66 percent and Smallcap 1 percent. Nifty Metal and Realty indices hit hard, falling 2 percent each, followed by Auto (down 1.4 percent), Bank (0.58 percent), FMCG (0.82 percent) and Pharma (0.54 percent). However, IT and PSU Bank bucked the trend.
According to Pivot charts, the key support level is placed at 10,614.37, followed by 10,565.23. If the index starts moving upward, key resistance levels to watch out are 10,747.47 and then 10,831.43.
The Nifty Bank index closed at 26,714.75, down 154.90 points on December 24. The important Pivot level, which will act as crucial support for the index, is placed at 26,616.2, followed by 26,517.6. On the upside, key resistance levels are placed at 26,874.1, followed by 27,033.4.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Oil India Limited with stop loss of Rs 178, target of Rs 166
Sell JSW Steel with a stop loss of Rs 296, target of Rs 280
Sell Titan Company with a stop loss of Rs 886, target of Rs 860
Buy V Guard Industries with a stop loss of Rs 228, target of Rs 242
Buy Bata India with a stop loss of Rs 1095, target of Rs 1140
Sudarshan Sukhani of s2analytics.com
Buy L&T Finance Holdings with stop loss at Rs 148 and target of Rs 160
Buy Piramal Enterprises with stop loss at Rs 2260 and target of Rs 2360
Buy Tech Mahindra with stop loss at Rs 687 and target of Rs 712
Sell Tata Steel with stop loss at Rs 519 and target of Rs 506
Sell Sun TV Network with stop loss at Rs 590 and target of Rs 565
Mitessh Thakkar of mitesshthakkar.com
Buy BHEL with a stop loss of Rs 69.9 and target of Rs 75
Sell CESC with a stop loss of Rs 680 and target of Rs 650
Sell Jindal Steel and Power with a stop loss of Rs 163.5 and target of Rs 151
Sell Reliance Capital with a stop loss of Rs 221 and target of Rs 204Disclaimer: 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.