The market ended a rangebound session in the negative on June 24 with the Nifty 50 closing a tad below 11,700 levels. However, the index managed to hold the lows made multiple times near 11,630-11,640 levels.
The broader markets also participated in the fall with the Nifty Midcap and Smallcap indices declining 0.3-0.4 percent. About three shares declined for every two shares rising on the NSE.
The BSE Sensex slipped 71.53 points to 39,122.96, continuing the fall for a second consecutive session while the Nifty 50 dropped 24.40 points to 11,699.70 forming a bearish candle which resembles a Spinning Top kind of pattern on daily charts.
According to the Pivot charts, the key support level is placed at 11,661.93, followed by 11,624.17. If the index starts moving upward, key resistance levels to watch out are 11,745.73 and 11,791.77.
The Nifty Bank closed at 30,602.05, down 26.30 points on June 24. The important Pivot level, which will act as crucial support for the index, is placed at 30,492.16, followed by 30,382.23. On the upside, key resistance levels are placed at 30,747.86, followed by 30,893.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Voltas with a stop loss of Rs 626, target of Rs 650
Buy Bharat Electronics with a stop loss of Rs 110, target of Rs 121
Sell Ujjivan Financial Services with a stop loss of Rs 291, target of Rs 278
Sell Jindal Steel & Power with a stop loss of Rs 145, target of Rs 132
Sell GSFC with a stop loss of Rs 94, target of Rs 86
Sudarshan Sukhani of s2analytics.com
Buy ACC with stop loss at Rs 1525 and target of Rs 1560
Buy Godrej Industries with stop loss at Rs 470 and target of Rs 495
Sell Tata Steel with stop loss at Rs 492 and target of Rs 475
Mitessh Thakkar of mitesshthakkar.com
Buy Adani Power with a stop loss of Rs 48 and target of Rs 54
Buy Container Corporation of India with a stop loss of Rs 540 and target of Rs 575
Sell JSW Steel with a stop loss of Rs 263 and target of Rs 246
Sell Mahanagar Gas with a stop loss of Rs 846 and target of Rs 800
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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