Sensex closed 285 points, or 0.69 percent, lower at 40,913.82, while Nifty settled with a loss of 94 points, or 0.77 percent, down at 12,035.80.
According to the pivot charts, the key support level is placed at 11,980.83, followed by 11,925.87. If the index starts moving upward, key resistance levels to watch out for are 12,120.53 and 12,205.27.
The Nifty Bank index closed at 30,647.40, down 0.74 percent. The important pivot level, which will act as crucial support for the index, is placed at 30,475.97, followed by 30,304.54. On the upside, key resistance levels are placed at 30,864.17 and 31,080.93.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Chambal Fertilizers with a stop loss of Rs 175, target of Rs 190
Buy Muthoot Finance with a stop loss of Rs 768, target of Rs 790
Sell Piramal Enterprises with a stop loss of Rs 1585, target of Rs 1540
Sell Aurobindo Pharma with a stop loss of Rs 486, target of Rs 470
Sell RBL Bank with a stop loss of Rs 326, target of Rs 310
Mitesh Thakkar of miteshthakkar.com
Sell CESC below Rs 715 with stop loss of Rs 730 for target of Rs 685
Buy ICICI Prudential with a stop loss of Rs 516 and target of Rs 534
Sell IDFC First Bank with a stop loss of Rs 42 for target of Rs 38
Buy IPCA Labs with a stop loss of Rs 1250 for target of Rs 1325
Prakash Gaba of prakashgaba.com
Buy Larsen & Toubro with target at Rs 1400 and stop loss at Rs 1350
Sell Coal India with target at Rs 180 and stop loss at Rs 190
Sell Glenmark Pharma with target at Rs 300 and stop loss at Rs 330
Sell YES Bank with target at Rs 35 and stop loss at Rs 41Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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.