The market fell for fifth consecutive session on July 24 with the Nifty closing below 11,300 level ahead of F&O expiry, as bears seem to be not in a mood to give control of Dalal Street to bulls. Banks, auto, metals, pharma and select technology stocks dragged benchmark indices.
The BSE Sensex was down 135.09 points at 37,847.65 while the Nifty50 declined 59.70 points to 11,271.30 and formed bearish candle on daily charts.
As the index fell below 200-day exponential moving average (11,297), there could be more sellling pressure with a bit of volatility in coming session, experts feel.
The selling pressure was more in broader markets as the Nifty Midcap and Smallcap indices fell 1.5 percent each. About two shares declined for every share rising on the NSE.
According to the pivot charts, the key support level is placed at 11,214.13, followed by 11,156.97. If the index starts moving upward, the key resistance levels to watch for out are 11,344.13 and 11416.97.
The Nifty Bank closed at 28,952.25, down 175.85 points on July 24. The important pivot level, which will act as crucial support for the index, is placed at 28,797.99, followed by 28,643.8. On the upside, key resistance levels are placed at 29,179.39, followed by 29,406.6.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Bata India with a stop loss of Rs 1290, target of Rs 1340
Buy Pidilite Industries with a stop loss of Rs 1200, target of Rs 1265
Sell Jindal Steel & Power with a stop loss of Rs 140, target of Rs 128
Sell Piramal Enterprises with a stop loss of Rs 1780, target of Rs 1725
Sell L&T Finance Holdings with a stop loss of Rs 106, target of Rs 94
Sudarshan Sukhani of s2analytics.com
Buy Bata India with stop loss at Rs 1295 and target of Rs 1340
Buy Hindustan Unilever with stop loss at Rs 1710 and target of Rs 1755
Buy Voltas with stop loss at Rs 573 and target of Rs 590
Sell Hindalco Industries with stop loss at Rs 201 and target of Rs 193
Sell MCX India with stop loss at Rs 838 and target of Rs 819
Buy Dabur India with stop loss of Rs 415 for target of Rs 429
Mitessh Thakkar of mitesshthakkar.com
Buy Larsen & Toubro with a stop loss of Rs 1370 and target of Rs 1415
Sell Steel Authority of India with a stop loss of Rs 45.05 and target of Rs 40
Buy Zee Entertainment with a stop loss of Rs 373 and target of Rs 391
Sell Century Textiles with a stop loss of Rs 906 and target of Rs 865
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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