Top buy and sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitesh Thakkar for short term

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Indian equity market started the week on a negative note on the back of weak global cues.

Market sentiments took a hit by rising concerns over fast-spreading coronavirus, as it might lead to a slowdown in the global economy, said experts. Investors were also cautious ahead of the Union Budget which is scheduled for later this week.

Sensex witnessed the second biggest fall in January, dropping to its lowest level in a month. The index closed 458 points, or 1.10 percent, down at 41,155.12. Nifty finished with a loss of 129 points, or 1.06 percent, at 12,119.

According to the pivot charts, the key support level for Nifty is placed at 12,078.47, followed by 12,037.93. If the index moves up, key resistance levels to watch out for are 12,188.07 and 12,257.13.

Nifty Bank closed 1.29 percent down at 30,837.40. The important pivot level, which will act as crucial support for the index, is placed at 30,688.3, followed by 30,539.2. On the upside, key resistance levels are placed at 31,106.8 and 31,376.2.

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 466, target of Rs 448

Sell IndusInd Bank with a stop loss of Rs 1285, target of Rs 1240

Sell Tata Motors with a stop loss of Rs 186, target of Rs 174

Buy Aurobindo Pharma with a stop loss of Rs 505, target of Rs 521

Buy Apollo Hospitals with a stop loss of Rs 1680, target of Rs 1740

Sudarshan Sukhani of s2analytics.com

Sell Balkrishna Industries with stop loss at Rs 1089 and target of Rs 1050

Sel Tata Elxsi with stop loss at Rs 955 and target of Rs 925

Sell Zee Entertainment with stop loss at Rs 281 and target of Rs 272

Buy Petronet LNG with stop loss at Rs 268 and target of Rs 278

Mitesh Thakkar of miteshthakkar.com

Sell Bank of Baroda with a stop loss of Rs 94.5 for target of Rs 87

Buy Cummins India with a stop loss of Rs 594 for target of Rs 627

Sell HDFC Bank with a stop loss of Rs 1226 for target of Rs 1185

Buy Shree Cements with a stop loss of Rs 23200 for target of Rs 24600