Fears of a coronavirus-induced global recession once again lopped off early gains as benchmark indices on March 17 logged in heavy losses for the fourth consecutive session. Equity barometer Sensex failed to hold intraday gains and closed with losses due to fag-end selling.
The 30-share pack closed with a loss of 811 points, or 2.58 percent, at 30,579.09 while Nifty ended 230 points, or 2.50 percent, down at 8,967.05. BSE Midcap and Smallcap indices closed 1.84 percent and 2.27 percent down, respectively.
According to the pivot charts, the key support level for Nifty is placed at 8787.17, followed by 8607.28. If the index moves up, key resistance levels to watch out for are 9275.37 and 9583.68.
Nifty Bank closed with a massive loss of 4.10 percent at 22,155.15. The important pivot level, which will act as crucial support for the index, is placed at 21621.64, followed by 21088.07. On the upside, key resistance levels are placed at 23069.14 and 23983.07.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Century Textiles with a stop loss of Rs 350, target of Rs 325
Sell Manappuram Finance with a stop loss of Rs 110, target of Rs 93
Sell Muthoot Finance with a stop loss of Rs 655, target of Rs 620
Buy Hindustan Unilever with a stop loss of Rs 1950, target of Rs 2075
Buy Berger Paints with a stop loss of Rs 400, target of Rs 465
Sudarshan Sukhani of s2analytics.com
Buy ACC with stop loss at Rs 1090 and target of Rs 1160
Buy Cadila Healthcare with stop loss at Rs 255 and target of Rs 272
Sell Hindalco Industries with stop loss at Rs 120 and target of Rs 109
Sell Tata Motors with stop loss at Rs 80 and target of Rs 73
Prakash Gaba of prakashgaba.com
Sell Axis Bank with target of Rs 460 and stop loss at Rs 510
Sell Bajaj Auto with target of Rs 2150 and stop loss at Rs 2350
Sell Balkrishna Industries with target of Rs 850 and stop loss at Rs 920
Sell Container Corp with target of Rs 310 and stop loss at Rs 358
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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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