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The market fell sharply on December 10 with the Sensex losing more than 700 points after mixed outcomes from exit polls. Weak global cues amid rising tensions between the US and China also dampened market sentiment.
The Nifty50 closed below psychological 10,500 levels, forming small bearish candle on the daily charts on Monday. Traders retained their cautious stance ahead of outcome of five states' elections which is scheduled to be announced on December 11, and after Urjit Patel resigned as RBI governor.
"The short term trend of Nifty is dicey. All eyes on tomorrow's 5 states assembly election results, which are expected to be out completely by noon," Nagaraj Shetti, Technical Research Analyst at HDFC securities said.
Kotak said if the BJP wins Chhattisgarh, Madhya Pradesh and Rajasthan (3-0) or Chhattisgarh and Madhya Pradesh (2-1) then there could be a moderate market rally, subject to global developments with the market ascribing a higher probability of the BJP winning the national elections in April-May 2019.
India VIX moved up sharply by 10.85 percent at 20.60 levels. Volatility has closed at recent highest zone since October 31, 2018.
According to Pivot charts, the key support level is placed at 10,456.07, followed by 10,423.63. If the index starts moving upward, key resistance levels to watch out are 10,539.87 and then 10,591.23.
The Nifty Bank index closed at 26,102.65, up 491.65 points on December 10. The important Pivot level, which will act as crucial support for the index, is placed at 26,004.4, followed by 25,906.1. On the upside, key resistance levels are placed at 26,268.6, followed by 26,434.5.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Motherson Sumi Systems with a stop loss of Rs 154, target of Rs 142
Sell Can Fin Homes with a stop loss of Rs 238, target of Rs 224
Sell Tata Global Beverage with a stop loss of Rs 203, target of Rs 188
Sell Lupin with a stop loss of Rs 817, target of Rs 790
Buy HPCL with a stop loss of Rs 222, target of Rs 234
Sudarshan Sukhani of s2analytics.com
Sell Reliance Infrastructure with stop loss at Rs 306 and target of Rs 285
Sell Zee Entertainment with stop loss at Rs 475 and target of Rs 455
Buy Dr Reddy's Laboratories with stop loss at Rs 2645 and target of Rs 2735
Buy Tech Mahindra with stop loss at Rs 678 and target off Rs 705
Buy Hero MotoCorp with stop loss at Rs 3000 and target of Rs 3080
Mitessh Thakkar of mitesshthakkar.com
Sell UltraTech Cement with a stop loss of Rs 3821 and target of Rs 3700
Sell Adani Enterprises with a stop loss of Rs 147.5 and target of Rs 131
Sell LIC Housing Finance with a stop loss of Rs 430 and target of Rs 400
Sell MCX India with a stop loss of Rs 706 and target of Rs 665
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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