Market benchmarks ended in the red on November 29. However, the week augured well for both Sensex and Nifty as they hit fresh record highs and closed the week over 1 percent higher. The big returns, however, came from the small and mid-cap space.
The Sensex rose 1.08 percent while the Nifty gained 1.19 percent in the week ended November 29, compared to 0.78 percent rise in the S&P BSE small-cap index, and 2.3 percent rally in the mid-cap index in the same period.
In line with expectations, economic expansion slowed further in Q2 FY2020, with the Gross Domestic Product (GDP) and Gross Value Added (GVA) growth declining to 4.5 percent and 4.3 percent, respectively, in that quarter, from 5 percent and 4.9 percent, respectively, in Q1 FY2020.
Nifty formed a bearish belt hold pattern on daily charts. On the weekly scale, it formed a bullish candle as the index gained more than a percent for the week.
In the next couple of sessions, if the index manages a close below 11,990 level then correction shall get accelerated further. In that scenario, an ideal target on downsides can be initially around 11,800 levels, experts said.
According to the pivot charts, key support level for Nifty is placed at 11,999.8, followed by 11,943.6. If the index moves up, key resistance levels to watch out for are 12,129.8 and 12,203.6.
Nifty Bank closed 0.55 percent down at 31,946.10. The important pivot level, which will act as crucial support for the index, is placed at 31,782.3, followed by 31,618.5. On the upside, key resistance levels are placed at 32,098.4 and 32,250.7.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Bharti Infratel with a stop loss of Rs 272, target of Rs 286
Buy Adani Ports with a stop loss of Rs 376, target of Rs 392
Buy HDFC Bank with a stop loss of Rs 1260, target of Rs 1310
Sell Hindustan Unilever with a stop loss of Rs 2050, target of Rs 2000
Sell Dr Reddy's Labs with a stop loss of Rs 2930, target of Rs 2870
Sudarshan Sukhani of s2analytics.com
Sell Tata Motors with stop loss at Rs 164 and target of Rs 157
Sell Motherson Sumi Systems with stop loss at Rs 134 and target of Rs 122
Buy Biocon with stop loss at Rs 272 and target of Rs 295
Buy Godrej Consumer Products with stop loss at Rs 715 and target of Rs 740
Mitesh Thakkar of miteshthakkar.com
Buy IDFC First Bank with a stop loss below Rs 45.8 for target of Rs 49.5
Buy Container Corporation around Rs 575 with stop loss of Rs 564 and target of Rs 598
Sell Manappuram Finance with a stop loss of Rs 159 for target of Rs 145
Sell Bajaj Finserv below Rs 9090 with stop loss of Rs 9160 for target of Rs 8930
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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