Benchmark indices snapped their winning streak of four consecutive sessions on January 15 as investors embarked on profit-booking after the December quarter numbers of some banks dented sentiments.
The market traded volatile and finally settled marginally lower, taking a pause after the recent surge. The bias was negative from the beginning due to weak Asian cues ahead of the US-China trade deal. Also, the decline in the banking pack further dragged the index lower.
Sensex closed 80 points, or 0.19 percent, down at 41,872.73, while Nifty finished 19 points, or 0.15 percent, lower at 12,343.30.
According to the pivot charts, the key support level for Nifty is placed at 12,296.33, followed by 12,249.37. If the index moves up, key resistance levels to watch out for are 12,372.73 and 12,402.17.
Nifty Bank closed 0.77 percent down at 31,824.90. The important pivot level, which will act as crucial support for the index, is placed at 31,663.17, followed by 31,501.43. On the upside, key resistance levels are placed at 31,993.77 and 32,162.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Indraprastha Gas with a stop loss of Rs 440, target of Rs 465
Buy Jindal Steel & Power with a stop loss of Rs 177, target of Rs 191
Buy Berger Paints with a stop loss of Rs 540, target of Rs 565
Buy TVS Motor with a stop loss of Rs 482, target of Rs 510
Buy Bharat Electronics with a stop loss of Rs 100, target of Rs 112
Sudarshan Sukhani of s2analytics.com
Buy Cadila Healthcare with stop loss at Rs 259 and target of Rs 268
Buy TCS with stop loss at Rs 2210 and target of Rs 2275
Buy Castrol India with stop loss at Rs 129 and target of Rs 141
Sell IndusInd Bank with stop loss at Rs 1435 and target of Rs 1350
Mitesh Thakkar of miteshthakkar.com
Buy Bharat Electronics with a stop loss of Rs 46 and target of Rs 49
Buy Asian Paints with a stop loss of Rs 1824 and target of Rs 1880
Buy NCC with a stop loss of Rs 58.5 and target of Rs 64
Buy Ambuja Cements with a stop loss of Rs 208 and target of Rs 220
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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