Moneycontrol News
The market started off the F&O expiry week on a negative note and continued its downtrend for the second consecutive session on April 22 with the Nifty closing tad below 11,600 levels. Rising crude oil prices to over five-month high dented traders sentiment.
The BSE Sensex broke the psychological 39,000 level, falling sharply by 495.10 points or 1.26 percent to close at 38,645.18 while the Nifty 50 plunged 158.30 points or 1.35 percent to 11,594.50 and formed 'Bearish Belt Hold' pattern on daily charts.
Nifty closed below 20 DMA, an important moving average considered for short term suggesting short term trend reversed to a downtrend, experts said.
According to the Pivot charts, the key support level is placed at 11,543.33, followed by 11,492.17. If the index starts moving upward, key resistance levels to watch out are 11,686.33 and 11,778.17.
The Nifty Bank index closed at 29,687.95, down 535.45 points on April 22. The important Pivot level, which will act as crucial support for the index, is placed at 29,460.37, followed by 29,232.83. On the upside, key resistance levels are placed at 30,102.67, followed by 30,517.43.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Tata Consultancy Services with a stop loss of Rs 2050, target of Rs 2150
Buy DCB Bank with a stop loss of Rs 203, target of Rs 217
Buy Havells India with a stop loss of Rs 755, target of Rs 780
Buy Kotak Mahindra Bank with a stop loss of Rs 1345, target of Rs 1550
Sudarshan Sukhani of s2analytics.com
Buy NIIT Tech with stop loss at Rs 1306 and target of Rs 1328
Buy Havells India with stop loss at Rs 755 and target of Rs 770
Sell Reliance Capital with stop loss at Rs 136 and target of Rs 128
Sell Shriram Transport Finance with stop loss at Rs 1178 and target of Rs 1150
Sell M&M Financial Services with stop loss at Rs 416 and target of Rs 406
Mitessh Thakkar of mitesshthakkar.com
Sell Apollo Tyres with a stop loss of Rs 213.5 and target of Rs 200
Buy Hindustan Unilever around Rs 1735 with stop loss of Rs 1717 and target of Rs 1770
Buy TCS with a stop loss of Rs 2139 and target of Rs 2200
Sell Berger Paints below Rs 320 with stop loss of Rs 325 and target of Rs 308
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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