The Sensex plunged 1,448.37 points or 3.64 percent to 38,297.29, the lowest level since October 14, 2019, while the Nifty50 shed 431.50 points or 3.71 percent to 11,201.80, the lowest level since October 7, 2019.
Experts favour waiting for some consolidation before initiating long positions and say if the index breaks the next crucial support of 11,111, then it could slip past the psychologically important 11,000-mark.
According to the pivot charts, the key support level is placed at 11,122.93 followed by 11,044.07. If the index starts moving upward, key resistance levels to watch out for are 11,332.73 and 11,463.67.
The important pivot level, which will act as crucial support for the index, is placed at 28,944.43 followed by 28,741.67. On the upside, key resistance levels are placed at 29,457.03 and 29,766.87.
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 Consultancy Services with a stop loss of Rs 2050, target of Rs 1900
Sell NIIT Tech with a stop loss of Rs 1710, target of Rs 1650
Sell Jindal Steel & Power with a stop loss of Rs 159, target of Rs 144
Buy Ceat with a stop loss of Rs 1000, target of Rs 1065
Buy Atul with a stop loss of Rs 5100, target of Rs 5250
Sudarshan Sukhani of s2analytics.com
Buy TCS with stop loss at Rs 1950 and target of Rs 2070
Buy Bharti Airtel with stop loss at Rs 515 and target of Rs 534
Sell Just Dial with stop loss at Rs 476 and target of Rs 451
Sell NMDC with stop loss at Rs 95 and target of Rs 84
Mitesh Thakkar of miteshthakkar.com
Buy Bharti Airtel with a stop loss of Rs 526 and target of Rs 539
Sell Kotak Mahindra Bank around Rs 1630 with stop loss of Rs 1650 and target of Rs 1595
Buy United Spirits with a stop loss of Rs 674 and target of Rs 710
Buy Nestle India with a stop loss of Rs 15680 and target of Rs 15990
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.