The market closed with a marginal loss amid volatility on January 8 with the Nifty defending the psychological 12,000-mark. It started the day sharply lower by falling a percent amid the fear of escalation in geopolitical tensions after Iran forces fired missiles on the US troops at Iraqi airbases.
The BSE Sensex slipped nearly 400 points in the morning but erased most of the losses to end just 51.73 points lower at 40,817.74. The Nifty 50 declined 27.60 points to 12,025.40, forming a big bullish candle as closing was higher than the opening tick.
According to the pivot charts, the key support level for Nifty is placed at 11,954.93, followed by 11,884.57. If the index moves up, key resistance levels to watch out for are 12,070.33 and 12,115.37.
Nifty Bank closed at 31,373.65, down 0.08 percent on January 8. The important pivot level, which will act as crucial support for the index, is placed at 31,031.59, followed by 30,689.5. On the upside, key resistance levels are placed at 31,583.79 and 31,793.9.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Jindal Steel & Power with a stop loss of Rs 172, target of Rs 184
Buy NIIT Tech with a stop loss of Rs 1710, target of Rs 1760
Buy L&T Finance with a stop loss of Rs 116, target of Rs 128
Buy ICICI Bank with a stop loss of Rs 520, target of Rs 545
Buy Jubilant Food with a stop loss of Rs 1710, target of Rs 1760
Sudarshan Sukhani of s2analytics.com
Buy Shree Cements with stop loss at Rs 22000 and target of Rs 23300
Buy Torrent Power with stop loss at Rs 282 and target of Rs 297
Sell Bank of Baroda with stop loss at Rs 96.5 and target of Rs 94
Sell NMDC with stop loss at Rs 123 and target of Rs 119
Mitesh Thakkar of miteshthakkar.com
Buy Bharti Airtel with a stop loss of Rs 454 and target of Rs 474
Buy Ramco Cement above Rs 813 with stop loss of Rs 802 and target of Rs 838
Buy UltraTech Cement with a stop loss of Rs 4284 and target of Rs 4390
Buy Adani Ports with a stop loss of Rs 381 and target of Rs 399
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.