Prakash Gaba of prakashgaba.com recommends buying Escorts with target at Rs 640 and stop loss at Rs 580 and HDFC Bank with target at Rs 1280 and stop loss at Rs 1230.
The Sensex closed 362 points, or 0.94 percent, down at 38,305.41, with 23 stocks in the red and only seven in the green, while the Nifty pack fell 115 points, or 1 percent, to 11,359.90 on October 1. As many as 39 stocks ended in the red in the 50-share index.
On the technical front, Nifty formed a large bearish candle on the daily charts after closing below 11,400 levels for the first time since September 20, 2019.
Sustained selling pressure has been seen at higher levels and resistance is gradually shifting lower. Hence, until the index trades below 11,400 level and if it breaks Tuesday's (October 1) intraday low, bears could tighten their grip at Dalal Street, experts said.
According to the pivot charts, key support level for Nifty is placed at 11,220.47, followed by 11,081.03. If the index starts moving up, key resistance levels to watch out for are 11,526.77 and 11,693.63.
Nifty Bank closed with a loss of 1.30 percent at 28,725.50. The important pivot level, which will act as crucial support for the index, is placed at 28,026.4, followed by 27,327.3. On the upside, key resistance levels are placed at 29,475.5 and 30,225.5.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Rajat Bose of rajatkbose.com
Buy HDFC Bank with stop loss below Rs 1220 for targets of Rs 1270 and Rs 1280
Buy Motherson Sumi Systems with stop loss below Rs 100.80 for target of Rs 110
Sell Asian Paints with stop loss above Rs 1785 for targets of Rs 1725 and Rs 1710
Sell Bajaj Finance with stop loss above Rs 4052 for targets of Rs 3948 and Rs 3890.
Mitessh Thakkar of mitesshthakkar.com
Sell Grasim Industries with a stop loss of Rs 705.5 and target of Rs 665
Buy ITC around Rs 254 with stop loss of Rs 249 for target of Rs 265
Sell Lupin with a stop loss of Rs 714 and target of Rs 675
Sell Bank of India with a stop loss of Rs 63 and target of Rs 57
Prakash Gaba of prakashgaba.com
Buy Escorts with target at Rs 640 and stop loss at Rs 580
Buy HDFC Bank with target at Rs 1280 and stop loss at Rs 1230
Sell Apolo Hospitals with target at Rs 1320 and stop loss at Rs 1400
Sell BHEL with target at Rs 40 and stop loss at Rs 48Disclaimer: 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.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.