Prakash Gaba of prakashgaba.com recommends buying BEL with target at Rs 92 and stop loss at Rs 87 and BEML with target at Rs 950 and stop loss at Rs 910.
The Nifty fell sharply on January 2 and closed tad below 10,800 levels following weakness in global peers and on profit booking.
All sectoral indices, as well as broader markets, were caught in a bear trap. Metals fell 3.4 percent on concerns of a slowdown in China and Auto lost 3 percent amid weak December sales while the Nifty Midcap and Smallcap indices dropped 1 percent each.
The weakness is likely to continue and could take the Nifty near 10,500 levels again, if the index trades below 10,923 levels, experts said.
India VIX moved up by 6.97 percent at 16.39 levels. VIX has again spiked higher which is not giving comfort zones to bulls.
According to Pivot charts, the key support level is placed at 10,719.9, followed by 10,647.3. If the index starts moving upward, key resistance levels to watch out are 10,880.2 and then 10,967.9.
The Nifty Bank index closed at 27,174.7. The important Pivot level, which will act as crucial support for the index, is placed at 27,035.67, followed by 26,896.63.
On the upside, key resistance levels are placed at 27,355.67, followed by 27,536.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy ICICI Bank with a stop loss of Rs 360, target of Rs 374
Buy HDFC Bank with a stop loss of Rs 2100, target of Rs 2175
Buy Hindustan Unilever with a stop loss of Rs 1770, target of Rs 1810
Buy NCC with a stop loss of Rs 87, target of Rs 95
Buy NBCC with a stop loss of Rs 56, target of Rs 64Sudarshan Sukhani of s2analytics.com
Buy Sun Pharma with stop loss at Rs 430 and target of Rs 450
Buy Marico with stop loss at Rs 368 and target of Rs 380
Buy ICICI Bank with stop loss at Rs 360 and target of Rs 370
Sell JSW Steel with stop loss at Rs 290 and target of Rs 282
Sell Bharat Forge with stop loss at Rs 500 and target of Rs 483Prakash Gaba of prakashgaba.com
Buy BEL with target at Rs 92 and stop loss at Rs 87
Buy BEML with target at Rs 950 and stop loss at Rs 910
Sell Bharat Forge with target at Rs 480 and stop loss at Rs 510
Sell Tata Motors with target at Rs 162 and stop loss at Rs 171Disclaimer: 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.