Mitessh Thakkar of mitesshthakkar.com recommends selling UltraTech Cement with a stop loss of Rs 3525 and target of Rs 3300, Hindalco Industries with a stop loss of Rs 204.25 and target of Rs 190 and Indian Bank with a stop loss of Rs 214 and target of Rs 191.
The market continued to reel under selling pressure after major events like the 2019 Interim Budget and the RBI monetary policy, and closed lower for the third straight session on February 11.
Traders remain cautious ahead of important macro data like CPI inflation for January 2019 and factory data for December 2018, which is scheduled to be announced on February 12. Mixed global cues and no surprise in the December quarter earnings with scope of further downgrade dampened market sentiments.The 30-share BSE Sensex declined 151.45 points to 36,395.03, while the Nifty 50 fell 54.80 points to 10,888.80 and formed the bearish candle which
resembled a 'Bearish Belt Hold' kind of formation on the daily scale.
According to Pivot charts, the key support level is placed at 10,853.63, followed by 10,818.47. If the index starts moving upward, key resistance levels to watch out are 10,927.43 and then 10,966.07.
The Nifty Bank index closed at 27,227.80, down 66.60 points on February 11. The important Pivot level, which will act as crucial support for the index, is placed at 27,150.96, followed by 27,074.13. On the upside, key resistance levels are placed at 27,305.26, followed by 27,382.73.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Tech Mahindra with a stop loss of Rs 800, target of Rs 835
Buy Dabur India with a stop loss of Rs 444, target of Rs 458
Buy HDFC Bank with a stop loss of Rs 2120, target of Rs 2175
Sell Adani Enterprises with a stop loss of Rs 122, target of Rs 110
Sell Century Textiles with a stop loss of Rs 741, target of Rs 720
Sudarshan Sukhani of s2analytics.com
Sell UltraTech Cement with stop loss at Rs 3520 and target of Rs 3380
Sell Ceat with stop loss at Rs 1105 and target of Rs 1050
Sell Shriram Transport Finance with stop loss at Rs 1085 and target of Rs 1030
Buy Hindustan Unilever with stop loss at Rs 1790 and target of Rs 1835
Buy Wipro with stop loss at Rs 370 and target of Rs 380
Mitessh Thakkar of mitesshthakkar.com
Sell UltraTech Cement with a stop loss of Rs 3525 and target of Rs 3300
Buy HCL Tech with a stop loss of Rs 1067 and target of Rs 1100
Sell Hindalco Industries with a stop loss of Rs 204.25 and target of Rs 190
Sell Indian Bank with a stop loss of Rs 214 and target of Rs 191Disclaimer: 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.The Great Diwali Discount!
Unlock 75% more savings this festive season. Get Moneycontrol Pro for a year for Rs 289 only.
Coupon code: DIWALI. Offer valid till 10th November, 2019 .