The Indian market experienced a correction in the week gone by as the Nifty closed in the red in four of the five trading sessions for the week ended December 6.
Small and mid-cap stocks suffered more than the benchmarks. The S&P BSE Sensex fell 0.85 percent while Nifty was down by 1.1 percent compared to the 2.76 percent fall seen in the S&P BSE Mid-cap index, and the 1.6 percent drop in the S&P BSE Small-cap index for the week ended December 6.
Experts say, in the coming week, the US Fed meeting outcome and advancement in Trump's impeachment process will be the major international events while the listing of Ujjivan Small Finance Bank IPO and fundraising by Yes Bank will be some domestic factors traders can keep an eye on.
According to the pivot charts, the key support level for Nifty is placed at 11,854.53, followed by 11,787.57. If the index moves up, key resistance levels to watch out for are 12,022.73 and 12,123.97.
Nifty Bank closed 1.17 percent lower at 31,341.55. The important pivot level, which will act as crucial support for the index, is placed at 31,100.3, followed by 30,859. On the upside, key resistance levels are placed at 31,733.3 and 32,125.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Bank of Baroda with a stop loss of Rs 100, target of Rs 92
Sell Bank of India with a stop loss of Rs 71, target of Rs 64
Sell Canara Bank with a stop loss of Rs 213, target of Rs 198
Buy TCS with stop loss at Rs 2080 and target of Rs 2200
Buy Infosys with a stop loss of Rs 710, target of Rs 732
Sudarshan Sukhani of s2analytics.com
Sell IDFC First Bank with stop loss at Rs 45 and target of Rs 41
Sell UPL with stop loss at Rs 570 and target of Rs 548
Buy Colgate Palmolive with stop loss at Rs 1460 and target of Rs 1515
Buy Tata Elxsi with stop loss at Rs 835 and target of Rs 875
Mitesh Thakkar of miteshthakkar.com
Buy Century Textiles around Rs 485 - 483 with stop loss of Rs 474.5 for target of Rs 505
Sell Cummins India with a stop loss of Rs 532 and target of Rs 500
Sell GAIL India with a stop loss of Rs 121 for target of Rs 110
Buy Kotak Mahindra Bank with stop loss of Rs 1650 for target of Rs 1720
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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