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Benchmark indices started the week on a bearish note due to weakness in global markets and sell-off in FMCG and banking stocks.
The 30-share BSE Sensex was down 156.28 points at 35,853.56 while the Nifty50 managed to defend 10,700 levels, down 57.40 points at 10,737.60 and formed 'Bearish Belt Hold' kind of pattern on the daily charts.
The Nifty Bank, Financial Service, IT, metal and realty indices were down between 0.5 percent and 1 percent while Pharma was the only gainer among sectoral indices, up half a percent.
According to Pivot charts, the key support level is placed at 10,683.93, followed by 10,630.27. If the index starts moving upward, key resistance levels to watch out are 10,799.63 and then 10,861.67.
The Nifty Bank index closed at 27,248.25, down 205.65 points on January 14. The important Pivot level, which will act as crucial support for the index, is placed at 27,157, followed by 27,065.8. On the upside, key resistance levels are placed at 27,364.6, followed by 27,481.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Jindal Steel & Power with a stop loss of Rs 148, target of Rs 136
Sell National Aluminium Company with a stop loss of Rs 63, target of Rs 57
Sell Kotak Mahindra Bank with a stop loss of Rs 1225, target of Rs 1180
Buy Bajaj Finance with a stop loss of Rs 2520, target of Rs 2600
Buy Glenmark Pharma with a stop loss of Rs 660, target of Rs 685
Sudarshan Sukhani of s2analytics.com
Buy Bata India with stop loss at Rs 1150 and target of Rs 1185
Buy NIIT Tech with stop loss at Rs 1170 and target of Rs 1210
Buy RBL Bank with stop loss at Rs 568 and target of Rs 585
Buy Ajanta Pharma with stop loss at Rs 1160 and target of Rs 1195
Sell Vedanta with stop loss at Rs 197 and target of Rs 188
Mitessh Thakkar of mitesshthakkar.com
Buy Castrol India with a stop loss of Rs 154.9 and target of Rs 165
Buy Godfrey Phillips with a stop loss below Rs 905 for target of Rs 950
Buy NIIT Tech with a stop loss below Rs 1169.5 for target of Rs 1225
Sell GAIL India around Rs 327 - 329 with stop loss of Rs 336 for target of Rs 312
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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