The positive momentum built up from the start of week fizzled out in the last session after Finance Minister Nirmala Sitharaman presented the Budget and Nifty ended with 0.2 percent gains for the week ended July 5, forming Shooting Star formation on the weekly scale.
But on July 5, the index lost over a percent to close at 11,811.15, forming large bearish candle on daily charts while Sensex also shed a percent to end at 39,513.39.
The BSE Midcap and Smallcap indices underperformed frontliners, falling 1.4 percent on July 5 and over half a percent for the week.
According to Pivot charts, the key support level is placed at 11,745.47, followed by 11,679.73. If the index starts moving upward, the key resistance levels to watch out are 11,929.37 and 12,047.53.
Nifty Bank closed at 31,475.80, up 3.95 points on July 5. The important Pivot level, which will act as crucial support for the index, is placed at 31,312.4, followed by 31,149.0. On the upside, key resistance levels are placed at 31,650, followed by 31,824.2.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell NBCC with a stop loss of Rs 60, target of Rs 52
Sell Jindal Steel & Power with a stop loss of Rs 138, target of Rs 124
Buy Canara Bank with a stop loss of Rs 285, target of Rs 300
Sell Mahindra & Mahindra with a stop loss of Rs 640, target of Rs 625
Buy Kotak Mahindra Bank with a stop loss of Rs 1500, target of Rs 1545
Sudarshan Sukhani of s2analytics.com
Sell Escorts with stop loss at Rs 548 and target of Rs 525
Sell Hindalco Industries with stop loss at Rs 203 and target of Rs 191
Sell MCX India with stop loss at Rs 859 and target of Rs 835
Buy Bank of Baroda with stop loss at Rs 127 and target of Rs 134
Buy Colgate Palmolive with stop loss at Rs 1160 and target of Rs 1200
Mitessh Thakkar of mitesshthakkar.com
Buy Marico with a stop loss of Rs 374 and target of Rs 388
Sell Biocon with a stop loss of Rs 245 and target of Rs 230
Sell Maruti Suzuki with a stop loss of Rs 6430 and target of Rs 6100
Sell Adani Ports with a stop loss of Rs 407 and target of Rs 391
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
