Moneycontrol News
The market snapped a four-day winning streak on April 3 with the BSE Sensex closing below the psychological 39,000 levels. Caution ahead of RBI monetary policy on April 4 and Skymet forecast of a below-normal monsoon in 2019 led to the decline.
The selling in the last hour of trade dragged BSE Sensex 179.53 points to 38,877.12. The Nifty 50 failed to hold its all-time high of 11,761 touched earlier in the day and ended down 69.20 points at 11,644, forming 'Bearish Engulfing' pattern on daily charts.
After showing a lacklustre type candle pattern in the last three sessions (negative candle pattern of tri-star doji), Nifty slipped into weakness.
According to the Pivot charts, the key support level is placed at 11,595.13, followed by 11,546.27. If the index starts moving upward, key resistance levels to watch out are 11,726.93 and 11,809.87.
The Nifty Bank index closed at 30,093.30, down 260.95 points on April 3. The important Pivot level, which will act as crucial support for the index, is placed at 29,885.46, followed by 29,677.63. On the upside, key resistance levels are placed at 30,451.86, followed by 30,810.43.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell YES Bank with a stop loss of Rs 277, target of Rs 263
Sell State Bank of India with a stop loss of Rs 325, target of Rs 310
Buy Maruti Suzuki with a stop loss of Rs 7050, target of Rs 7150
Buy Bata India with a stop loss of Rs 1385, target of Rs 1430
Sell Union Bank of India with a stop loss of Rs 98, target of Rs 86
Sudarshan Sukhani of s2analytics.com
Buy Tata Consultancy Services with stop loss at Rs 2055 and target of Rs 2100
Buy Infosys with stop loss at Rs 743 and target of Rs 761
Buy V-Guard Industries with stop loss at Rs 218 and target of Rs 226
Sell Exide Industries with stop loss at Rs 212 and target of Rs 205
Sell Reliance Capital with stop loss at Rs 199 and target of Rs 188
Mitessh Thakkar of mitesshthakkar.com
Buy Marico with a stop loss of Rs 349 and target of Rs 366
Sell Amara Raja Batteries with a stop loss of Rs 686 and target of Rs 645
Sell Jain Irrigation Systems with a stop loss of Rs 59.1 and target of Rs 55
Buy Infosys with a stop loss of Rs 742 and target of Rs 780
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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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