Sudarshan Sukhani of s2analytics.com recommends buying Pidilite Industries with stop loss at Rs 1275 and target of Rs 1318 and Godrej Consumer with stop loss at Rs 628 and target of Rs 649.
The market reversed all the gains clocked a day before and finished the session on August 7 sharply lower following a late sell-off. The 35 basis points repo rate cut delivered by the Reserve Bank of India's Monetary Policy Committee in line with expectations and the measures listed out to boost the NBFC sector failed to lift sentiment.
The BSE Sensex fell more than 400 points from the day's high indicating that the rate cut and measures may not have been perceived to be enough to boost the slowing economy. The index declined 286.35 points to close at 36,690.50 while the Nifty 50 dropped 92.80 points to 10,855.50, forming a bearish candle on the daily charts.
The broader markets also fell in line with benchmark indices as the Nifty Midcap index lost 0.75 percent. Among sectors, Nifty Bank, Auto and Metal indices shed 1-2 percent.
According to the pivot charts, the key support level is placed at 10,802.37, followed by 10,749.23. If the index starts moving upward, the key resistance levels to watch for out are 10,942.17 and 11,028.83.
The Nifty Bank closed at 27,702.05, down by 320.05 points on August 7. The important pivot level, which will act as crucial support for the index, is placed at 27,504.07, followed by 27,306.04. On the upside, key resistance levels are placed at 28,037.87 and 28,373.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Lupin with a stop loss of Rs 770, target of Rs 795
Sell Tata Motors with a stop loss of Rs 121, target of Rs 110
Sell Bank of India with a stop loss of Rs 68, target of Rs 62
Sell Canara Bank with a stop loss of Rs 231, target of Rs 215
Sell Mahindra & Mahindra with a stop loss of Rs 525, target of Rs 505
Sudarshan Sukhani of s2analytics.com
Buy Pidilite Industries with stop loss at Rs 1275 and target of Rs 1318
Buy Godrej Consumer with stop loss at Rs 628 and target of Rs 649
Sell Tata Motors with stop loss at Rs 120 and target of Rs 114
Sell Indiabulls Housing Finance with stop loss at Rs 455 and target of Rs 431
Mitessh Thakkar of mitesshthakkar.com
Sell Bosch with a stop loss of Rs 14300 and target of Rs 13300
Buy Hindustan Unilever around Rs 1770 with stop loss of Rs 1750 and target of Rs 1810
Buy Lupin with a stop loss of Rs 769 and target of Rs 806
Sell Bank of Baroda with a stop loss of Rs 100 and target of Rs 92Disclaimer: 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.