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The market fell sharply on December 5 after the Reserve Bank of India kept policy rates unchanged and slashed inflation forecast for second half of FY19. The correction was largely in line with the global weakness and continued for second straight session on caution ahead of states elections results due next week.
The Nifty50 closed 86.60 points lower at 10,782.90 and managed to hold the 200-daily moving average, which is placed around 10,747 levels.
Experts said if the index breaks its 200-DMA then there could be steep correction in the market, but if it holds till states elections results then there could be possibility of index hitting 11,000 levels.
The 30-share BSE Sensex was down 249.90 points at 35,884.41 due to selling across sectors barring IT which ended flat. The broader markets also caught in bear trap with Nifty Midcap index underperforming frontliners, falling 1.5 percent.
India VIX moved up by 1 percent to 18.29 levels. However it has to cool down below 17-16 zones to get the smooth ride to surpass immediate hurdle zones.
According to Pivot charts, the key support level is placed at 10,746.93, followed by 10,710.97. If the index starts moving upward, key resistance levels to watch out are 10,819.93 and then 10,856.97.
The Nifty Bank index closed at 26,519.60, down 174.20 points. The important Pivot level, which will act as crucial support for the index, is placed at 26,433.1, followed by 26,346.6. On the upside, key resistance levels are placed at 26,616.7, followed by 26,713.8.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Reliance Infrastructure with a stop loss of Rs 312, target of Rs 295
Sell Balkrishna Industries with a stop loss of Rs 940, target of Rs 910
Sell Tata Steel with a stop loss of Rs 522, target of Rs 500
Buy Hindustan Unilever with a stop loss of Rs 1830, target of Rs 1885
Buy HDFC with a stop loss of Rs 1950, target of Rs 2010
Sudarshan Sukhani of s2analytics.com
Buy UPL with stop loss at Rs 737 and target of Rs 776
Buy Divis Lab with stop loss at Rs 1462 and target of Rs 1520
Sell Tata Steel with stop loss at Rs 525 and target of Rs 510
Sell Tata Motors with stop loss at Rs 173 and target of Rs 163
Sell Balkrishna Industries with stop loss at Rs 964 and target of Rs 895
Mitessh Thakkar of mitesshthakkar.com
Sell Eicher Motors with a stop loss of Rs 23100 and target of Rs 22000
Sell Petronet LNG with a stop loss of Rs 213.5 and target of Rs 202
Buy Tata Power around Rs 79.5 with stop loss of Rs 77.9 for target of Rs 85
Buy HCL Tech around Rs 1045 with stop loss of Rs 1030 for target of Rs 1075
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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