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

Mitesh Thakkar of recommends selling Bajaj Auto with a stop loss of Rs 3092 and target of Rs 3000 and Berger Paints with a stop loss of Rs 578 and target of Rs 560.

February 24, 2020 / 01:34 PM IST

The market remained lacklustre for the second consecutive week ended February 20 as investors continued to monitor the coronavirus outbreak which has raised fears over global growth. As a result, Moody's cut India's FY20 growth forecast to 5.4 percent (from 6.6 percent earlier), which also hit sentiments.

The BSE Sensex declined 0.21 percent to 41,170.12 and the Nifty50 fell 0.27 percent to 12,080.85, underperforming broader markets. BSE Midcap index gained 0.21 percent and Smallcap rose 0.44 percent during the holiday-shortened week.

Experts expect the market to remain volatile in the coming week as well on the back of derivative expiry on February 27 and coronavirus situation.

According to the pivot charts, the key support level for Nifty is placed at 12,050.87 followed by 12,020.93. If the index continues moving up, key resistance levels to watch out for are 12,131.37 and 12,181.93.