The market closed its last session of the year on a weak note on December 31, but registered double digit gains for the year despite the economic slowdown.
The selling pressure/profit taking seen in Reliance Industries, banking and financials, auto and technology stocks pulled the Sensex lower by 304 points, while the Nifty50 dropped 87.40 points to 12,168.50, forming a Bearish Belt Hold pattern on the daily charts.
According to the pivot charts, the key support level for the Nifty is placed at 12,131.17, followed by 12,093.83. If the index continues moving up, key resistance levels to watch out for are 12,226.47 and 12,284.43.
Nifty Bank closed 0.6 percent lower at 32,161.65. The important pivot level, which will act as crucial support for the index, is placed at 32,065.04 followed by 31,968.37. On the upside, key resistance levels are placed at 32,302.14 and 32,442.57.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell IndusInd Bank with a stop loss of Rs 1525, target of Rs 1480
Sell HDFC with a stop loss of Rs 2425, target of Rs 2385
Sell Reliance Industries with a stop loss of Rs 1521, target of Rs 1495
Buy Jubilant Foodworks with a stop loss of Rs 1650, target of Rs 1710
Buy Apollo Hospitals with a stop loss of Rs 1420, target of Rs 1480
Sudarshan Sukhani of s2analytics.com
Buy Arvind with stop loss at Rs 39 and target of Rs 42
Buy Bata India with stop loss at Rs 1735 and target of Rs 1798
Buy United Spirits with stop loss at Rs 592 and target of Rs 625
Sell Cummins India with stop loss at Rs 565 and target of Rs 540
Buy Coal India with a stop loss of Rs 207 for target of Rs 219
Sell Piramal Enterprises around Rs 1530 - 1535 with stop loss of Rs 1564 and target of Rs 1480
Sell Sun TV with a stop loss of Rs 446.5 for target of Rs 431
Buy PFC with a stop loss of Rs 114.5 for target of Rs 124
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.
