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The market fell sharply from intraday high and closed lower on April 8 as a rise in crude oil prices to five-month highs dented traders sentiment. Banking & financials, metals and select auto stocks faced selling pressure while IT outperformed.
The BSE Sensex declined 161.70 points to 38,700.53 and the Nifty 50 slipped 61.50 points to 11,604.50 and formed bearish candle, resembling a 'Bearish
Engulfing' kind of formation on daily charts.
According to the Pivot charts, the key support level is placed at 11,532.3, followed by 11,460.1. If the index starts moving upward, key resistance levels to watch out are 11,693.5 and 11,782.5.
The Nifty Bank index closed at 29,845.30, down 239.35 points on April 8. The important Pivot level, which will act as crucial support for the index, is placed at 29,630.57, followed by 29,415.83. On the upside, key resistance levels are placed at 30,146.07, followed by 30,446.83.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Bharat Petroleum Corporation with a stop loss of Rs 356, target of Rs 340
Sell Ceat with a stop loss of Rs 1120, target of Rs 1065
Sell Reliance Capital with a stop loss of Rs 191, target of Rs 177
Buy Pidilite Industries with a stop loss of Rs 1275, target of Rs 1310
Buy Kotak Mahindra Bank with a stop loss of Rs 1330, target of Rs 1365
Sudarshan Sukhani of s2analytics.com
Buy ONGC with stop loss at Rs 156 and target of Rs 162
Buy Maruti Suzuki with stop loss at Rs 7120 and target of Rs 7200
Buy Mahindra & Mahindra with stop loss at Rs 658 and target of Rs 672
Sell HPCL with stop loss at Rs 258 and target of Rs 245
Sell Reliance Capital with stop loss at Rs 192 and target of Rs 182
Mitessh Thakkar of mitesshthakkar.com
Buy ICICI Bank around Rs 385 with stop loss of Rs 379 and target of Rs 396
Buy Indraprastha Gas with a stop loss of Rs 308 and target of Rs 326
Buy Jai Corp with a stop loss of Rs 116 and target of Rs 141
Sell Jain Irrigation Systems with a stop loss of Rs 57.5 and target of Rs 52
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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