Sensex plunged a huge 3,935 points to close at 25,981.24 and the Nifty fell 1,135 points to end at 7,610. BSE Midcap and Smallcap indices plunged 12.83 percent and 12.27 percent, respectively.
Investors lose over Rs 14 lakh crore in terms of market capitalisation. The average market capitalisation of the BSE-listed companies fell from Rs 116.09 lakh crore recorded on 20 March to Rs 101.9 lakh crore as on March 23.
According to the pivot charts, the key support level for Nifty is placed at 7,409.48, followed by 7,208.72. If the index moves up, key resistance levels to watch out for are 7,985.13 and 8,360.02.
Nifty Bank closed 16.73 percent down at 16,917.65. The important pivot level, which will act as crucial support for the index, is placed at 16,173.96, followed by 15,430.23. On the upside, key resistance levels are placed at 18,278.56 and 19,639.43.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Reliance Industries with a stop loss of Rs 840, target of Rs 960
Sell HDFC Bank with a stop loss of Rs 2,020, target of Rs 1,800
Sell ICICI Bank with a stop loss of Rs 300, target of Rs 260
Sell HDFC with a stop loss of Rs 1,580, target of Rs 1,350
Sell Axis Bank with a stop loss of Rs 320, target of Rs 260
Sudarshan Sukhani of s2analytics.com
Buy ACC with a stop loss of Rs 950 and target of Rs 1,050
Buy Bhati Airtel with a stop loss of Rs 400 and target of Rs 435
Buy Hindustan Unilever with a stop loss of Rs 1,835 and target of Rs 1,900
Buy ONGC with a stop loss of Rs 58 and target of Rs 64
Mitesh Thakkar of miteshthakkar.com
Buy HDFC Life with a stop loss of Rs 335, target at Rs 364
Buy Kotak Mahindra Bank with a stop loss of Rs 1,078, target at Rs 1,145
Buy Reliance Industries with a stop loss of Rs 875, target at Rs 915
Buy Bajaj Finance with a stop loss of Rs 2,240, target at Rs 2,345
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.
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