Mitessh Thakkar of mitesshthakkar.com recommends buying United Spirits with a stop loss of Rs 565 and target of Rs 595 and Tata Steel with a stop loss of Rs 495 and target of Rs 525.
The market snapped a three-day winning streak to close sharply lower on June 12 as traders turned cautious ahead of the factory and retail inflation data expected later in the day.
The BSE Sensex fell 193.65 points to 39,756.81, dragged by banking & financials and auto stocks. The Nifty 50 managed to close a tad above 11,900 after hitting an intraday low of 11,866.35, down 59.40 points to 11,906.20. The index formed a bearish candle resembling a Bearish Belt Hold pattern on the daily charts.
The market breadth was negative throughout the day - About 1,468 shares declined against 1,022 advancing shares on the BSE. The Nifty Midcap index lost 0.8 percent and Smallcap index fell 0.24 percent.
According to the Pivot charts, the key support level is placed at 11,860.83, followed by 11,815.47. If the index starts moving upward, key resistance levels to watch out are 11,957.03 and 12,007.87.
The Nifty Bank index closed at 30,965.70, down 299.75 points on June 12. The important Pivot level, which will act as crucial support for the index, is placed at 30,843.97, followed by 30,722.23. On the upside, key resistance levels are placed at 31,154.87, followed by 31,344.04.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Tata Communications with a stop loss of Rs 500, target of Rs 475
Sell Tech Mahindra with a stop loss of Rs 755, target of Rs 730
Sell Biocon with a stop loss of Rs 262, target of Rs 248
Buy Hindustan Unilever with a stop loss of Rs 1830, target of Rs 1875
Buy United Spirits with a stop loss of Rs 568, target of Rs 590
Sudarshan Sukhani of s2analytics.com
Buy Tata Consultancy Services with stop loss at Rs 2248 and target of Rs 2285
Buy Oil & Natural Gas Corporation with stop loss at Rs 166 and target of Rs 173
Sell Apollo Tyres with stop loss at Rs 194 and target of Rs 188
Sell Reliance Capital with stop loss at Rs 89.5 and target of Rs 86
Sell Tata Communications with stop loss at Rs 496 and target of Rs 485
Mitessh Thakkar of mitesshthakkar.com
Buy United Spirits with a stop loss of Rs 565 and target of Rs 595
Buy Tata Steel with a stop loss of Rs 495 and target of Rs 525
Sell Bosch with a stop loss of Rs 17200 and target of Rs 16350
Sell RBL Bank below Rs 654 with stop loss of Rs 662 for target of Rs 636Disclaimer: 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!
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