The Indian market consolidated after a fierce four days of gains pushing benchmark indices above crucial resistance levels. The S&P BSE Sensex reclaimed 41,000 while Nifty50 also climbed above Mount 12K.
Sensex fell 164 points to 41,141 while the Nifty closed 39 points lower at 12,098 on February 7. For the week, Sensex rose 3.5 percent while Nifty rallied 3.75 percent.
Experts are of the view that the knee-jerk reaction was largely due to muted global cues and profit-taking at higher levels. The momentum should resume as long as Nifty holds above 12,000 levels. They feel that there could be a possibility of further downside if Nifty trades below 12,160 levels in the coming week as well.
According to the pivot charts, the key support level for Nifty is placed at 12,063.3 followed by 12,028.3. If the index continues moving up, key resistance levels to watch out for are 12,144.0 and 12,189.7.
The important pivot level, which will act as crucial support for the index, is placed at 31,085.93 followed by 30,969.96. On the upside, key resistance levels are placed at 31,343.03 and 31,484.16.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell DLF with a stop loss of Rs 240, target of Rs 225
Sell Motherson Sumi Systems with a stop loss of Rs 136, target of Rs 124
Sell Reliance Industries with a stop loss of Rs 1450, target of Rs 1400
Buy Ashok Leyland with a stop loss of Rs 80, target of Rs 89
Buy United Spirits with a stop loss of Rs 670, target of Rs 705
Sudarshan Sukhani of s2analytics.com
Sell Cummins India with stop loss at Rs 568 and target of Rs 545
Sell Cadila Healthcare with stop loss at Rs 278 and target of Rs 271
Sell Tata Steel with stop loss at Rs 475 and target of Rs 461
Buy Coal India with stop loss at Rs 183 and target of Rs 194
Mitesh Thakkar of miteshthakkar.com
Buy Biocon with a stop loss of Rs 300 for target of Rs 330
Buy L&T Finance Holdings with a stop loss of Rs 127 for target of Rs 140
Buy REC with a stop loss of Rs 152 for target of Rs 163
Buy Titan Company with a stop loss of Rs 1252 for target of Rs 1325
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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