The market saw the biggest ever single day loss on March 9 amid fears of a likely impact of novel coronavirus (COVID-19) on global economic growth and price war between oil producing behemoths like Saudi Arabia and Russia after OPEC and allies failed to agree on production cuts.
The correction in benchmark indices was in line with global peers, which ended with losses of 3-8 percent on March 9.
The Sensex plunged 1,941.67 points, or 5.17 percent, to 35,634.95. The Nifty tanked 538 points, or 4.9 percent, to 10,451.50 and formed a large bearish candle on the daily charts.
However, after the steep fall, global markets rebounded on March 10 amid hope of additional stimulus measures and on reports that US President Donald Trump may float the idea of payroll tax cut or relief to assuage the impact of coronavirus on the economy.
According to pivot charts, the key support level for the Nifty is placed at 10,246.83, followed by 10,042.17. If the index moves up, the key resistance levels to watch out for are 10,703.83 and 10,956.17.
The Bank Nifty closed at 26,462.60, down 1,338.85 points. The important pivot level, which will act as crucial support for the index, is placed at 25,893.47, followed by 25,324.33. On the upside, key resistance levels are placed at 27,061.67 and 27,660.73.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell ONGC with a stop loss of Rs 79, target of Rs 66
Sell Reliance Industries with a stop loss of Rs 1150, target of Rs 1025
Sell Vedanta with a stop loss of Rs 100, target of Rs 85
Buy BPCL with a stop loss of Rs 416, target of Rs 440
Buy Bharti Infratel with a stop loss of Rs 205, target of Rs 220
Sudarshan Sukhani of s2analytics.com
Buy Amara Raja Batteries with stop loss at Rs 605 and target of Rs 635
Buy Eicher Motors with stop loss at Rs 17500 and target of Rs 18300
Sell IDFC First Bank with stop loss at Rs 34 and target of Rs 31.50
Sell Marico with stop loss at Rs 272 and target of Rs 258
Mitesh Thakkar of miteshthakkar.com
Sell Coal India with a stop loss of Rs 162 for target of Rs 150
Sell Tata Motors with a stop loss of Rs 109 for target of Rs 100
Sell TCS with a stop loss of Rs 2001 for target of Rs 1922
Sell HDFC Life with a stop loss of Rs 525.5 for target of Rs 500
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.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.