Prakash Gaba of prakashgaba.com recommends buying Eicher Motors with target at Rs 21,500 and stop loss at Rs 20,000, United Spirits with target at Rs 555 and stop loss at Rs 532 and UltraTech Cement with target at Rs 4,200 and stop loss at Rs 4,050.
The market fell for the second consecutive session on April 4 as a lower growth forecast by RBI dented trader sentiment. Banks, technology and metal stocks pulled benchmark indices lower.
Profit booking could also be a reason after the Monetary Policy Committee cut repo rate by 25 basis points (bps), on expected lines.
The BSE Sensex dropped 192.40 points to 38,684.72 while the Nifty 50 slipped 46 points to 11,598, forming a bearish candle resembling a 'Bearish Belt Hold' kind of formation on daily charts.
According to the Pivot charts, the key support level is placed at 11,550.63, followed by 11,503.27. If the index starts moving upward, key resistance levels to watch out are 11,653.93 and 11,709.87.
The Nifty Bank index closed at 29,904.90, down 188.40 points on April 4. The important Pivot level, which will act as crucial support for the index, is placed at 29,727.97, followed by 29,551.04. On the upside, key resistance levels are placed at 30,163.77, followed by 30,422.63.
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 Motors with a stop loss of Rs 200, target of Rs 215
Buy Jindal Steel & Power with a stop loss of Rs 177, target of Rs 190
Buy Asian Paints with a stop loss of Rs 1,500, target of Rs 1,585
Buy Jubilant Food with a stop loss of Rs 1,410, target of Rs 1,465
Buy Aurobindo Pharma with a stop loss of Rs 778, target of Rs 800
Mitessh Thakkar of mitesshthakkar.com
Sell NIIT Tech with a stop loss of Rs 1,338.5 and target of Rs 1,300
Buy Lupin with a stop loss of Rs 779 and target of Rs 810
Sell Reliance Infra with a stop loss of Rs 136.5 and target of Rs 125
Buy Tata Chemicals with a stop loss of Rs 595 and target of Rs 623
Prakash Gaba of prakashgaba.com
Buy Eicher Motors with target at Rs 21,500 and stop loss at Rs 20,000
Buy United Spirits with target at Rs 555 and stop loss at Rs 532
Buy UltraTech Cement with target at Rs 4,200 and stop loss at Rs 4,050
Buy PVR with target at Rs 1,685 and stop loss at Rs 1,640Disclaimer: 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.The Great Diwali Discount!
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