Moneycontrol News
The market snapped a three-day losing streak amid volatility on December 7, with the Nifty 50 closing near 10,700 levels amid caution ahead of the assembly elections results of five states scheduled to be announced on December 11. The recovery in global peers also led the benchmark indices trading higher.
Experts expect volatility to continue in the coming sessions as exit polls indicated mixed results in key states including Madhya Pradesh, Rajasthan and Chhattisgarh. Hence, 10,750 is expected to remain a crucial level to watch out for.
The Nifty 50 closed 92.50 points higher at 10,693.70 on December 7, but lost 1.7 percent in the week gone by. The index formed a bullish candle which resembles an 'Inside Bar' kind of pattern on the daily charts and bearish candle on the weekly chart.
According to Pivot charts, the key support level is placed at 10,627.17, followed by 10,560.63. If the index starts moving upward, key resistance levels to watch out are 10,732.37 and then 10,771.03.
The Nifty Bank index closed at 26,594.30, up 396 points on December 7. The important Pivot level, which will act as crucial support for the index, is placed at 26,344.36, followed by 26,094.43. On the upside, key resistance levels are placed at 26,751.96, followed by 26,909.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Pidilite Industries with a stop loss of Rs 1120, target of Rs 1180
Buy Dabur India with a stop loss of Rs 406, target of Rs 424
Sell Bharat Forge with a stop loss of Rs 511, target of Rs 495
Sell Sun Pharma with a stop loss of Rs 416, target of Rs 398
Sell GAIL India with a stop loss of Rs 339, target of Rs 224
Sudarshan Sukhani of s2analytics.com
Buy UPL with stop loss at Rs 745 and target of Rs 770
Buy Titan Company with stop loss at Rs 906 and target of Rs 930
Sell Shriram Transport Finance with stop loss at Rs 1110 and target of Rs 1060
Sell Just Dial with stop loss at Rs 478 and target of Rs 455
Sell GSFC with stop loss at Rs 108 and target of Rs 101
Mitessh Thakkar of mitesshthakkar.com
Sell Engineers India with a stop loss of Rs 114 and target of Rs 104
Sell Bank of India with a stop loss of Rs 81 and target of Rs 74.5
Sell Cadila Healthcare with a stop loss of Rs 355 and target of Rs 336
Sell ICICI Prudential Life Insurance with a stop loss of Rs 319 and target of Rs 303
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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