Ashwani Gujral of ashwanigujral.com recommends buying Tata Elxsi with a stop loss of Rs 750, target of Rs 775 and Pidilite Industries with a stop loss of Rs 1350, target of Rs 1410.
Benchmark indices erased all gains and ended lower on October 24. Nifty slipped below 11,600 due to selling in the banking and telecom sectors.
Telecom stocks suffered massive selloff after the Supreme Court rejected the telecom companies' definition of Adjusted Gross Revenue (AGR). This means telecom companies will have to pay up as much as Rs 92,642 crore to the government. Bank stocks also fell on concerns about their exposure to the beleaguered telecom companies.
Also, no landslide victory for BJP in Maharashtra and Haryana dented sentiment.
Except for the Nifty Infra, all sectoral indices ended in the red led by the bank, metal, FMCG, pharma and auto. Market breadth was in favour of declines, with just 1,069 shares advancing against 1,367 that declined. 161 shares stayed unchanged.
According to the pivot charts, the key support level for the Nifty is placed at 11,518.33, followed by 11,454.07. If the index starts moving up, key resistance levels to watch out for are 11,663.23 and 11,743.87.
Nifty Bank ended lower by 357.85 points at 29,101.75 on October 24. The important pivot level, which will act as crucial support for the index, is placed at 28,837, followed by 28,566.1. On the upside, key resistance levels are placed at 29,536 and 29,964.1.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Tata Elxsi with a stop loss of Rs 750, target of Rs 775
Buy Pidilite Industries with a stop loss of Rs 1350, target of Rs 1410
Buy IGL with a stop loss of Rs 368, target of Rs 390
Sell Biocon with a stop loss of Rs 250, target of Rs 235
Sell State Bank of India with a stop loss of Rs 268, target of Rs 252
Mitesh Thakkar of Miteshthakkar.com
Sell Bharti Infratel with a stop loss of Rs 245 for target of Rs 222
Buy Reliance Industries with a stop loss of Rs 1415 for target of Rs 1470
Sell Hindalco Industries with a stop loss of Rs 184.5 for target of Rs 173
Buy Torrent Pharma around Rs 1760 with stop loss of Rs 1739 for target of Rs 1800
Prakash Gaba of prakashgaba.com
Buy Motherson Sumi Systems with target at Rs 115 and stop loss at Rs 109
Sell Federal Bank with target at Rs 78 and stop loss at Rs 82
Sell Zee Entertainment with target at Rs 220 and stop loss at Rs 245
Buy Divis Labs with target of Rs 1800 and stop loss at Rs 1750
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