Equity market benchmarks ended lower on December 5 after the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) maintained status-quo on rates as against a widely-anticipated 25 basis points (bps) rate cut.
The BSE Sensex fell 70 points to 40,780 while the Nifty 50 closed 25 points lower at 12,018.
Market experts expect the consolidation to extend and advise traders to continue with a stock-specific trading approach. "We suggest preferring index majors and keeping positions on both sides. Also, maintain a close watch on global markets for cues," said Ajit Mishra, VP - Research, Religare Broking.
According to the pivot charts, the key support level for Nifty is placed at 11,984.4, followed by 11,950.4. If the index moves up, key resistance levels to watch out for are 12,066.8 and 12,115.2.
Nifty Bank closed 0.83 percent down at 31,712.95. The important pivot level, which will act as crucial support for the index, is placed at 31,518.5, followed by 31,324.1. On the upside, key resistance levels are placed at 32,017.1 and 32,321.3.
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 Elxsi with a stop loss of Rs 860, target of Rs 895
Buy Muthoot Finance with a stop loss of Rs 690, target of Rs 715
Buy Bata India with a stop loss of Rs 1695, target of Rs 1725
Sell JSW Steel with a stop loss of Rs 255, target of Rs 240
Sell Interglobe Aviation with a stop loss of Rs 1335, target of Rs 1290
Prakash Gaba of prakashgaba.com
Buy Apollo Tyres with target at Rs 180 and stop loss at Rs 170
Buy Oil India Limited with target at Rs 165 and stop loss at Rs 157
Sell Coal India with target at Rs 190 and stop loss at Rs 198
Sell Grasim Industries with target at Rs 750 and stop loss at Rs 779
Mitesh Thakkar of miteshthakkar.com
Buy Mindtree with a stop loss of Rs 751 and target of Rs 790
Buy Infosys with stop loss of Rs 705 for target of Rs 735
Buy ITC with stop loss of Rs 244 for target of Rs 253
Sell Coal India with a stop loss of Rs 199.5 for target of Rs 190
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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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