Sensex and Nifty ended mixed on September 5 after a rangebound trade as investors remained cautious in the absence of any fresh positive trigger for the market at home.
Losses in shares of bank and financial majors weighed on the sentiment after the Reserve Bank of India (RBI) made it mandatory for the banks to link all new floating-rate loans to specified external benchmarks. Experts feel the net interest margin (NIM) of banks will be affected by this move, at a time when credit cost due to their asset quality is increasing.
The Nifty index settled 3 points up at 10,847.90. Among the 50 stocks in the index, 34 ended higher but 16 incurred losses.
BSE Midcap and Smallcap indices outperformed benchmark Sensex, ending 0.15 percent and 0.72 percent up, respectively.
Nifty witnessed profit-taking at higher levels near 5-days EMA but found support near 10,800 levels.
According to the pivot charts, the key support level for the index is placed at 10,802.57, followed by 10,757.23. If the index moves upward, key resistance levels to watch out for are 10,906.67 and 10,965.43.
The Nifty Bank index closed at 26,919.70, down 0.75 percent. The important pivot level, which will act as a crucial support for the index, is placed at 26,742.1, followed by 26,564.5. On the upside, key resistance levels are placed at 27,170.6 and 27,421.5.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Rajat Bose of rajatkbose.com
Sell HDFC with stop loss above Rs 2080 with targets at Rs 1975 and Rs 1942
Sell Kotak Mahindra Bank with stop loss above Rs 1427 and targets of Rs 1385 and Rs 1365.
Buy Bombay Burmah Trading Company with stop loss below Rs 937 for targets of Rs 1025 and Rs 1100
Buy Lupin with stop loss below Rs 752 for target of Rs 785
Mitessh Thakkar of mitesshthakkar.com
Buy Arvind with a stop loss of Rs 47.9 and target of Rs 54
Buy Coal India with a stop loss of Rs 191 and target of Rs 203
Buy Mahanagar Gas with a stop loss of Rs 838 and target of Rs 880
Buy ONGC with a stop loss of Rs 121 and target of Rs 133
Prakash Gaba of prakashgaba.com
Buy Aurobindo Pharma with target at Rs 630 and stop loss at Rs 600
Buy Kajaria Ceramics with target at Rs 510 and stop loss at Rs 470
Sell Asian Paints with target at Rs 1480 and stop loss at Rs 1530
Sell Colgate Palmolive with target at Rs 1220 and stop loss at Rs 1250
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
