Sudarshan Sukhani of s2analytics.com recommends buying ACC with stop loss at Rs 1550 and target of Rs 1625, Infosys with stop loss at Rs 719 and target of Rs 738 and United Breweries with stop loss at Rs 1365 and target of Rs 1415.
The market is caught in a bear trap and fell to a nearly two-month low in the week ended July 12, dragged by selling across sectors except healthcare, which gained 1.6 percent.
The BSE Sensex was down 777.16 points or 1.97 percent at 38,736.23, while the Nifty50 fell 263.45 points or 2.23 percent to close below psychological 11,600 levels at 11,547.70, forming a bearish candle on the weekly charts.
For July 12, the index lost a third of a percent and formed a bearish candle, which resembles the Bearish Engulfing Pattern on the daily charts.
A Bearish Engulfing Pattern consists of two candles. One candle is usually a small candle, which is followed by a large black or red candlestick pattern that engulfs the short one or the previous candle. The broader markets also traded in line with benchmarks as the BSE Smallcap index fell 2.58 percent and Midcap index was down 1.17 percent.
According to the pivot charts, the key support level is placed at 11,514.23, followed by 11,475.97. If the index starts moving upward, the key resistance levels to watch out are 11,615.13 and 11,677.77.
The Nifty bank closed at 30,601.45, down 115.10 points on July 12. The important pivot level, which will act as crucial support for the index, is placed at 30,476.17, followed by 30,350.93. On the upside, key resistance levels are placed at 30,798.77, followed by 30,996.13.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Wipro with a stop loss of Rs 263, target of Rs 248
Sell BPCL with a stop loss of Rs 350, target of Rs 335
Buy Asian Paints with a stop loss of Rs 1345, target of Rs 1400
Buy Hero MotoCorp with a stop loss of Rs 2550, target of Rs 2610Sudarshan Sukhani of s2analytics.com
Buy ACC with stop loss at Rs 1550 and target of Rs 1625
Buy Infosys with stop loss at Rs 719 and target of Rs 738
Buy United Breweries with stop loss at Rs 1365 and target of Rs 1415
Sell PFC with stop loss at Rs 128 and target of Rs 118
Sell PAGE Industries with stop loss at Rs 20950 and target of Rs 20150
Mitessh Thakkar of mitesshthakkar.com
Buy Apollo Hospitals with a stop loss of Rs 1347 and target of Rs 1400
Sell Apollo Tyres with a stop loss of Rs 190.5 and target of Rs 180
Sell Axis Bank with a stop loss of Rs 764 and target of Rs 735
Buy Infosys with a stop loss of Rs 714 and target of Rs 755
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