Prakash Gaba of prakashgaba.com is of the view that one can buy Wipro with target at Rs 280 and stop loss at Rs 267 and sell Canara Bank with target at Rs 260 and stop loss at Rs 273.
After a two-day rally, the BSE Sensex plunged 318.18 points to 38,897.46 while the Nifty 50 slipped 90.60 points to 11,596.90, forming a bearish candle resembling a Bearish Belt Hold kind of formation on the daily scale. The negative chart pattern and similarity of the reversal pattern indicate more pain ahead for the market, experts feel.
The broader markets also corrected sharply with the Nifty Midcap and Smallcap indices falling 1.7 percent and 1 percent, respectively.
According to the pivot charts, the key support level is placed at 11,560.47, followed by 11,524.03. If the index starts moving upward, the key resistance levels to watch out are 11,655.27 and 11,713.63.
The Nifty Bank closed at 30,430.60, down 304.90 points on July 18. The important pivot level, which will act as crucial support for the index, is placed at 30,283.03, followed by 30,135.46. On the upside, key resistance levels are placed at 30,673.73, followed by 30,916.87.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Coal Ind with a stop loss of Rs 225, target of Rs 210
Sell Bharat Electronics with a stop loss of Rs 100, target of Rs 90
Sell Maruti Suzuki with a stop loss of Rs 5920, target of Rs 5800
Buy Dabur India with a stop loss of Rs 424, target of Rs 436
Buy Apollo Hospitals with a stop loss of Rs 1370, target of Rs 1420Mitessh Thakkar of mitesshthakkar.com