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
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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