Mitesh Thakkar of miteshthakkar.com 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.
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.
The important pivot level, which will act as crucial support for the index, is placed at 30,735.03 followed by 30,527.27. On the upside, key resistance levels are placed at 31,117.93 and 31,293.07.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Tata Steel with a stop loss of Rs 438, target of Rs 454
Buy Biocon with a stop loss of Rs 310, target of Rs 325
Sell Indraprastha Gas with a stop loss of Rs 473, target of Rs 450
Buy Ashok Leyland with a stop loss of Rs 80, target of Rs 91
Buy State Bank of India with a stop loss of Rs 320, target of Rs 345
Sudarshan Sukhani of s2analytics.com
Sell Tata Motors with stop loss at Rs 161 and target of Rs 153
Buy Marico with stop loss at Rs 298 and target of Rs 315
Buy TVS Motor Company with stop loss at Rs 440 and target of Rs 457
Buy Jindal Steel & Power with stop loss at Rs 189 and target of Rs 200
Mitesh Thakkar of miteshthakkar.com
Sell Bajaj Auto with a stop loss of Rs 3092 and target of Rs 3000
Sell Berger Paints with a stop loss of Rs 578 and target of Rs 560
Sell Mahanagar Gas with a stop loss of Rs 1145 and target of Rs 1085
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