The market closed in the red on June 4 after touching historic highs in the previous session, as traders turned cautious ahead of Monetary Policy Committee's interest rate decision on June 6. But benchmark indices managed to hold the psychological levels of 40,000 on the Sensex and 12,000 on Nifty.
Experts expect the MPC to reduce repo rate by at least 25 basis points (bps) and introduce some liquidity measures to could support the market in the near term.
The broader markets managed to outperform frontline indices with the Nifty Midcap and Smallcap indices closing 0.08 percent and 0.16 percent lower respectively.
According to the Pivot charts, the key support level is placed at 11,986.6, followed by 11,951.5. If the index starts moving upward, key resistance levels to watch out are 12,076 and 12,130.3.
The Nifty Bank index closed at 31,589.05, down 64.60 points on June 4. The important Pivot level, which will act as crucial support for the index, is placed at 31,483.77, followed by 31,378.44. On the upside, key resistance levels are placed at 31,723.57, followed by 31,858.03.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy DCB Bank with a stop loss of Rs 232, target of Rs 238
Buy Maruti Suzuki with a stop loss of Rs 7030, target of Rs 7125
Buy HDFC with a stop loss of Rs 2200, target of Rs 2275
Buy United Spirits with a stop loss of Rs 560, target of Rs 595
Buy LIC Housing Finance with a stop loss of Rs 560, target of Rs 585
Sudarshan Sukhani of s2analytics.com
Buy Voltas with stop loss at Rs 592 and target of Rs 612
Buy Siemens with stop loss at Rs 1250 and target of Rs 1285
Buy Raymond with stop loss at Rs 844 and target of Rs 870
Sell Glenmark Pharma with stop loss at Rs 550 and target of Rs 530
Sell Zee Entertainment with stop loss at Rs 351 and target of Rs 339
Mitessh Thakkar of mitesshthakkar.com
Buy Coal India with a stop loss of Rs 258 and target of Rs 275
Buy Godrej Consumer with a stop loss of Rs 688 and target of Rs 725
Sell Zee Entertainment with a stop loss of Rs 353 and target of Rs 332
Buy United Spirits with a stop loss of Rs 549 and target of Rs 615
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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