Top buy and sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for short term

Benchmark indices fell sharply for the second consecutive session on July 8 as bears further tightened their grip on Dalal Street after the Budget amid weak global cues. The BSE Sensex plunged 792.82 points or 2.01 percent to 38,720.57 while the Nifty 50 dipped 252.60 points or 2.14 percent to 11,558.60 and formed large bearish candle on daily charts.

Investors' wealth eroded by around Rs 5 lakh crore in two trading sessions. The market breadth was largely in favour of bears as three shares declined for every share rising on the BSE. All sectoral indices closed in the red with Nifty PSU Bank falling most with a loss of 6 percent. The Nifty Midcap index was down 2.7 percent and Smallcap index fell 2.4 percent.

According to Pivot charts, the key support level is placed at 11,463.96, followed by 11,369.33. If the index starts moving upward, the key resistance levels to watch out are 11,712.57 and 11,866.53.

Nifty Bank closed at 30,603.85, down 871.95 points on July 8. The important Pivot level, which will act as crucial support for the index, is placed at 30,303.6, followed by 30,003.4. On the upside, key resistance levels are placed at 31,137.2, followed by 31,670.6.

In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:

Ashwani Gujral of ashwanigujral.com

Buy Jubilant Foodworks with a stop loss of Rs 1230, target of Rs 1275

Sell ICICI Prudential with a stop loss of Rs 386, target of Rs 370

Sell Rural Electrification Corporation with a stop loss of Rs 164, target of Rs 152

Sell Union Bank of India with a stop loss of Rs 81, target of Rs 70

Buy Tata Global Beverage with a stop loss of Rs 259, target of Rs 271

Sudarshan Sukhani of s2analytics.com

Sell Century Textiles with stop loss at Rs 910 and target of Rs 875

Sell Dish TV with stop loss at Rs 29 and target of Rs 27

Sell MCX India with stop loss at Rs 825 and target of Rs 795

Buy Colgate Palmolive with stop loss at Rs 1150 and target of Rs 1210

Buy Dr Reddy's Labs with stop loss at Rs 2550 and target of Rs 2675

Mitessh Thakkar of mitesshthakkar.com

Sell Godrej Consumer with a stop loss of Rs 661 and target of Rs 630

Sell Manappuram Finance with a stop loss of Rs 132.5 and target of Rs 122

Sell Nestle India with a stop loss of Rs 11960 and target of Rs of 11500

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.​