Mitessh Thakkar of mitesshthakkar.com recommends buying ICICI Bank with a stop loss of Rs 424 and target of Rs 440 and Pidilite Industries with a stop loss of Rs 1224 and target of Rs 1270.
Market started the week on a negative note as benchmark indices ended lower on July 29 with Nifty falling below the crucial 11,200 level on the back of selling in auto, metal and infra stocks.
At close, the Sensex was down 196.42 points to close at 37,686.37, while Nifty fell 95.10 points to 11,189.20, forming a large bearish candle on the daily charts.
The relentless bearish sentiment indicated that the trend is still in favour of bears and the next crucial level to watch out for would be 11,100, experts said.
According to the pivot charts, the key support level is placed at 11,124.07, followed by 11,058.93. If the index starts moving upward, the key resistance levels to watch for out are 11,282.67 and 11,376.13.
The Nifty Bank closed at 29,295.9, down by 29.40 points on July 29. The important pivot level, which will act as crucial support for the index, is placed at 29,069.5, followed by 28,843.1. On the upside, key resistance levels are placed at 29,557.6, and 29,819.3.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Arvind with a stop loss of Rs 56, target of Rs 48
Sell Bharat Electronics with a stop loss of Rs 96, target of Rs 84
Buy IndusInd Bank with a stop loss of Rs 1420, target of Rs 1465
Buy Tata Consultancy Services with a stop loss of Rs 2120, target of Rs 2165
Sell Indiabulls Housing Finance with a stop loss of Rs 570, target of Rs 540
Sudarshan Sukhani of s2analytics.com
Buy Amara Raja Batteries with stop loss of Rs 640 and target of Rs 670
Buy IndusInd Bank with stop loss at Rs 1418 and target of Rs 1465
Buy Mindtree with stop loss at Rs 688 and target of Rs 740
Sell Tata Motors with stop loss at Rs 143 and target of Rs 133
Sell Indiabulls Housing Finance with stop loss at Rs 570 and target of Rs 540
Mitessh Thakkar of mitesshthakkar.com
Buy ICICI Bank with a stop loss of Rs 424 and target of Rs 440
Buy Pidilite Industries with a stop loss of Rs 1224 and target of Rs 1270
Sell JSW Steel around Rs 243 with stop loss of Rs 248.5 and target of Rs 232
Sell Tata Chemicals with a stop loss of Rs 592 and target of Rs 555Disclaimer: 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.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.