Tepid corporate results and IMF's markdown of India's growth forecast pulled down equity benchmark indices Sensex and Nifty on January 21.
Sensex was down 205.10 points to 41,323.81 while Nifty fell 54.60 points to 12,169.90 and formed small bearish candle on daily charts as closing value was lower than opening.
Experts expect the correction along with consolidation, which was warranted after stellar run-up, to continue in coming sessions.
According to the pivot charts, the key support level for Nifty is placed at 12,144.73, followed by 12,119.67. If the index moves up, key resistance levels to watch out for are 12,212.43 and 12,255.07.
Nifty Bank closed at 30,947.50, down 0.43 percent on January 21. The important pivot level, which will act as crucial support for the index, is placed at 30,813.73, followed by 30,679.87. On the upside, key resistance levels are placed at 31,126.33 and 31,305.07.In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Tata Steel with a stop loss of Rs 482, target of Rs 460
Sell Mahindra & Mahindra with a stop loss of Rs 558, target of Rs 540
Sell PFC with a stop loss of Rs 110, target of Rs 100
Buy Tata Elxsi with a stop loss of Rs 948, target of Rs 970
Buy Tata Global Beverage with a stop loss of Rs 380, target of Rs 405
Sudarshan Sukhani of s2analytics.com
Sell Hindustan Zinc with stop loss at Rs 214.5 for target of Rs 208
Sell Interglobe Aviation with stop loss at Rs 1452 and target of Rs 1421
Sell Steel Authority of India with stop loss at Rs 51 and target of Rs 46.8
Buy LIC Housing Finance with stop loss at Rs 472 and target of Rs 491
Mitesh Thakkar of miteshthakkar.com
Buy Ashok Leyland with a stop loss of Rs 84 for target of Rs 92
Sell Havells India with a stop loss of Rs 626 for target of Rs 590
Buy Dish TV with a stop loss below Rs 13 for target of Rs 14.5
Sell REC around Rs 136 with stop loss of Rs 139.5 for target of Rs 130
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.