Mitessh Thakkar of mitesshthakkar.com recommends buying Dr Reddy's Labs with a stop loss of Rs 2892 and target of Rs 3000 and advises selling Godrej Consumer Products with a stop loss of Rs 662 and target of Rs 625.
The market reversed more than half of previous day's gains in late sell-off and closed April F&O expiry session sharply lower on April 25 amid increase in crude oil prices.
The BSE Sensex fell 323.82 points to close at 38,730.86 while the Nifty50 slipped 84.40 points to 11,641.80 and formed bearish candle which resembles a Dark Cloud Cover kind of pattern on daily charts.
The reversal of gains and sharp sell-off indicated that the Nifty could break its crucial support of 11,550 levels, though near term uptrend status could be intact, experts said.
According to the Pivot charts, the key support level is placed at 11,578.47, followed by 11,515.13. If the index starts moving upward, key resistance levels to watch out are 11,750.97 and 11,860.13.
The Nifty Bank index closed at 29,561.35, down 299.45 points on April 25. The important Pivot level, which will act as crucial support for the index, is placed at 29,362.91, followed by 29,164.5. On the upside, key resistance levels are placed at 29,908.71, followed by 30,256.1.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Mitessh Thakkar of mitesshthakkar.com
Buy Dr Reddy's Labs with a stop loss of Rs 2892 and target of Rs 3000
Sell Godrej Consumer Products with a stop loss of Rs 662 and target of Rs 625
Buy MCX India with a stop loss of Rs 786 and target of Rs 830
Buy Oil & Natural Gas Corporation with a stop loss of Rs 164.9 and target of Rs 176
Prakash Gaba of prakashgaba.com
Buy CG Power with target at Rs 42 and stop loss at Rs 37
Buy IDBI Bank with target at Rs 46 and stop loss at Rs 43
Sell Bharat Financial Inclusion with target at Rs 1000 and stop loss at Rs 1061
Sell Godrej Consumer with target at Rs 630 and stop loss at Rs 665Disclaimer: 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.The Great Diwali Discount!
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