Ashwani Gujral of ashwanigujral.com recommends selling Jindal Steel & Power with a stop loss of Rs 134, target of Rs 126, Raymond with a stop loss of Rs 710, target of Rs 685 and Hero MotoCorp with a stop loss of Rs 2430, target of Rs 2350.
The BSE Sensex was down 173.78 points at 38,557.04 while the Nifty50 fell 57 points to 11,498.90 and formed bearish candle on daily charts as bears are holding a tight grip in the market.
Rising crude oil prices and worries over June quarter earnings pulled the market lower on July 10. The Nifty 50 ended a tad below 11,500 level, for the first time since May 17, 2019.
Experts expect some consolidation to continue at current levels as long as the index holds 11,450 levels, before seeing a strong bounce back.
The broader markets fell more than frontliner indices as the Nifty Midcap index declined 1 percent and Smallcap index slipped 0.7 percent. About two shares declined for every share rising on the NSE.
According to Pivot charts, the key support level is placed at 11,451.83, followed by 11,404.77. If the index starts moving upward, the key resistance levels to watch out are 11,569.83 and 11,640.77.
Nifty Bank closed at 30,522.10, down 47.05 points on July 10. The important Pivot level, which will act as crucial support for the index, is placed at 30,391.03, followed by 30,259.96. On the upside, key resistance levels are placed at 30,690.73, followed by 30,859.37.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:Ashwani Gujral of ashwanigujral.com
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