Prakash Gaba of prakashgaba.com advises buying Dr Reddy's Labs with target at Rs 2700 and stop loss at Rs 2620.
Nifty closed below 11,300 level ahead of F&O expiry, as bears seem to be not in a mood to give control of Dalal Street to bulls. Banks, auto, metals, pharma and select technology stocks dragged benchmark indices.
The BSE Sensex was down 135.09 points at 37,847.65 while the Nifty50 declined 59.70 points to 11,271.30 and formed bearish candle on daily charts.
As the index fell below 200-day exponential moving average (11,297), there could be more sellling pressure with a bit of volatility in coming session, experts feel.
The selling pressure was more in broader markets as the Nifty Midcap and Smallcap indices fell 1.5 percent each. About two shares declined for every share rising on the NSE.
According to the pivot charts, the key support level is placed at 11,214.13, followed by 11,156.97. If the index starts moving upward, the key resistance levels to watch for out are 11,344.13 and 11416.97.
The Nifty Bank closed at 28,952.25, down 175.85 points on July 24. The important pivot level, which will act as crucial support for the index, is placed at 28,797.99, followed by 28,643.8. On the upside, key resistance levels are placed at 29,179.39, followed by 29,406.6.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Lupin with a stop loss of Rs 768, target of Rs 790
Buy ICICI Prudential with a stop loss of Rs 395, target of Rs 412
Sell Tata Motors with a stop loss of Rs 148, target of Rs 136
Sell Bajaj Finance with a stop loss of Rs 3100, target of Rs 2950
Sell HPCL with a stop loss of Rs 272, target of Rs 258
Mitessh Thakkar of mitesshthakkar.com
Sell JSW Steel with a stop loss of Rs 253 and target of Rs 236
Sell Reliance Industries with a stop loss of Rs 1246 for target of Rs 1200
Buy Pidilite Industries with a stop loss of Rs 1215 for target of Rs 1270
Buy Power Grid with a stop loss of Rs 209 for target of Rs 221
Prakash Gaba of prakashgaba.com
Buy Dr Reddy's Labs with target at Rs 2700 and stop loss at Rs 2620
Buy Tata Chemicals with target of Rs 607 and stop loss at Rs 595
Sell BPCL with target at Rs 335 and stop loss at Rs 345
Sell NMDC with target at Rs 100 and stop loss at Rs 110
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