Rajat Bose of rajatkbose.com recommends buying Ashok Leyland with stop loss below Rs 55 for target of Rs 63 and HDFC Bank with stop loss below Rs 2147 for targets of Rs 2205 and Rs 2219.
The market plunged sharply, losing 1.6 percent on August 22 as bears tightened their grip over Dalal Street in the second half of the session as hopes for a stimulus dimmed. Selling was seen across sectors with Bank, Auto, Metal and Realty falling between 1.7 to 6.2 percent.
The benchmark BSE Sensex declined 587.44 points to 36,472.93 while the Nifty 50 fell to new corrective swing low of 10,718, before closing 177.30 points lower at 10,741.40.
Experts feel the selling pressure is likely to continue in the short term and advised using sell on a rise strategy.
According to the pivot charts, key support level is placed at 10,670.33, followed by 10,599.37. If the index starts moving upward, key resistance levels to watch out for are 10,860.23 and 10,979.17.
Nifty Bank closed at 27,034.20, down 684.85 points on August 22. The important pivot level, which will act as crucial support for the index, is placed at 26,776.5, followed by 26,518.8. On the upside, key resistance levels are placed at 27,491.0 and 27,947.8.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Rajat Bose of rajatkbose.com
Buy Ashok Leyland with stop loss below Rs 55 for target of Rs 63
Buy HDFC Bank with stop loss below Rs 2147 for targets of Rs 2205 and Rs 2219
Buy Hero MotoCorp with stop loss below Rs 2587 for targets of Rs 2714 and Rs 2743
Mitessh Thakkar of mitesshthakkar.com
Buy Hindustan Unilever with a stop loss of Rs 1854 and target of Rs 1905
Sell HDFC Bank around Rs 2180 with stop loss of Rs 2200 and target of Rs 2145
Sell Manappuram Finance with a stop loss of Rs 121 and target of Rs 112
Sell Shriram Transport Finance Corporation with a stop loss of Rs 1003 and target of Rs 950
Prakash Gaba of prakashgaba.com
Buy Tata Consultancy Services with target at Rs 2260 and stop loss at Rs 2200
Sell ICICI Bank with target at Rs 390 and stop loss at Rs 406
Sell Tata Elxsi with target at Rs 575 and stop loss at Rs 634
Sell Zee Entertainment with target at Rs 310 and stop loss at Rs 340Disclaimer: 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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