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Benchmark indices started the week on a negative note with the Nifty falling for the seventh consecutive session on February 18. Consistent outflow of FII money along with geo-political tensions also dented market sentiment.
The 30-share BSE Sensex tumbled 310.51 points to end at 35,498.44 while the Nifty50 slipped 83.40 points to 10,641 and formed a bearish candle.
Going ahead, 10,610-10,583 is the key support zone to watch out for, he said, adding expansion in the daily Bollinger Bands suggests that an accelerated selling can be witnessed once the support zone breaks on closing basis.
According to Pivot charts, the key support level is placed at 10,592.97, followed by 10,544.93. If the index starts moving upward, key resistance levels to watch out are 10,724.47 and then 10,807.93.
The Nifty Bank index closed at 26,654.25, down 140 points on February 18. The important Pivot level, which will act as crucial support for the index, is placed at 26,571.3, followed by 26,488.4. On the upside, key resistance levels are placed at 26,783.5, followed by 26,912.8.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell M&M Financial Services with a stop loss of Rs 375, target of Rs 360
Sell Bank of Baroda with a stop loss of Rs 103, target of Rs 95
Sell Indiabulls Housing Finance with a stop loss of Rs 628, target of Rs 605
Buy Bharti Infratel with a stop loss of Rs 312, target of Rs 340
Buy Jubilant Foodworks with a stop loss of Rs 1320, target of Rs 1365
Sudarshan Sukhani of s2analytics.com
Buy Bata India with stop loss at Rs 1240 and target of Rs 1290
Buy IndusInd Bank with stop loss at Rs 1500 and target of Rs 1530
Buy UPL with stop loss at Rs 805 and target of Rs 840
Sell JSW Steel with stop loss at Rs 266 and target of Rs 256
Sell Ceat with stop loss at Rs 1065 and target of Rs 1010
Mitessh Thakkar of mitesshthakkar.com
Buy Jubilant Foodworks with a stop loss of Rs 1319 and target of Rs 1370
Sell Ambuja Cements with a stop loss of Rs 201 and target of Rs 190
Buy Ipca Labs with a stop loss of Rs 785 and target of Rs 860
Sell Biocon below Rs 600 with stop loss of Rs 610 and target of Rs 580
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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