The market started the month on a bearish note, as bears retained a tight control over Dalal Street throughout the session on August 1. The Nifty broke the psychological 11,000-mark to close at a fresh five-month low.
Selling across sectors, except Auto, dented sentiments after there was no indication from Federal Reserve Chairman Jerome Powell about a further rate cuts later in the year.
The BSE Sensex declined by 462.80 points to 37,018.32 while the Nifty50 plunged 138 points to 10,980 and formed a bearish candle on daily charts.
The market breadth has remained in favour of bears as about two shares declined for every share rising on the BSE. The Nifty Midcap and Smallcap indices fell in line with benchmarks losing over a percent each.
According to the pivot charts, the key support level is placed at 10,881.73, followed by 10,783.47. If the index starts moving upward, the key resistance levels to watch for out are 11,077.53 and 11,175.07.
The Nifty Bank closed at 28,367.25, down by 508.75 points on August 1. The important pivot level, which will act as crucial support for the index, is placed at 28,003.1, followed by 27,639.0. On the upside, key resistance levels are placed at 28,775.5, and 29,183.8.
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 Global Beverage with a stop loss of Rs 252, target of Rs 268
Buy Voltas with a stop loss of Rs 600, target of Rs 625
Buy Reliance Industries with a stop loss of Rs 1160, target of Rs 1220
Sell Bank of India with a stop loss of Rs 74, target of Rs 62
Sell Vedanta with a stop loss of Rs 149, target of Rs 137
Mitessh Thakkar of mitesshthakkar.com
Sell Jindal Steel & Power with a stop loss of Rs 132 and target of Rs 121
Buy Power Grid with a stop loss of Rs 209.9 and target of Rs 222
Sell Ambuja Cements with a stop loss of Rs 202 and target of Rs 188
Sell Castrol India with a stop loss of Rs 121 and target of Rs 112
Prakash Gaba of prakashgaba.com
Buy Maruti Suzuki with target at Rs 5750 and stop loss at Rs 5450
Buy Reliance Industries with target at Rs 1205 and stop loss at Rs 1160
Sell Amara Raja Batteries with target at Rs 650 and stop loss at Rs 680
Sell Infosys with target at Rs 750 and stop loss at Rs 790
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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.
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