Rajat Bose of rajatkbose.com recommends selling State Bank of India with stop loss above Rs 281 for target of Rs 263 and Bharat Electronics above Rs 106.50 for target of Rs 101.
Benchmark stock indices Sensex and Nifty suffered strong losses on September 19 due to widespread selling across sectors as the concerns over rising geopolitical tension, crude oil prices and the deteriorating macroeconomic environment continued to keep the risk appetite of investors low.
Moreover, uncertainty over US Fed's future rates trajectory added to investors anxiety. On the technical charts, the market breached crucial support at 10,800, seen as a reason for a steep fall.
The Nifty index closed at 10,704.80, down 136 points, or 1.25 percent, with 7 stocks in the green and 43 in the red. The index managed to hold 10,700-mark but ended at its lowest level since February 19.
Closing at its lowest level since March 1, the BSE Sensex plunged for 470 points or 1.29 percent to settle at 36,093.47 with only four stocks - Tata Motors, HDFC Bank, Bharti Airtel and Asian Paints - in the green.
Nifty formed a bearish candle - which resembles a 'Bearish Belt Hold' kind of pattern on daily charts - for the second time this week.
The index still traded in a range of 10,650-11,150 levels, but as it went near to August lows intraday, the sentiments look to be weak. experts say if the index breaks August lows in the coming sessions, then a steep fall can't be ruled out.
According to the pivot charts, key support level for Nifty is placed at 10,634.93, followed by 10,565.07. If the index starts moving up, key resistance levels to watch out for are 10,809.93 and 10,915.07.
The Nifty Bank closed with a loss of 1.53 percent at 26,757.65 on September 19. The important pivot level, which will act as crucial support for the index, is placed at 26,541.99, followed by 26,326.3. On the upside, key resistance levels are placed at 27,074.39 and 22,7391.1.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Rajat Bose of rajatkbose.com
Sell State Bank of India with stop loss above Rs 281 for target of Rs 263
Buy UPL with stop loss below Rs 556.80 for target of Rs 573
Sell Bharat Electronics above Rs 106.50 for target of Rs 101
Mitessh Thakkar of mitesshthakkar.com
Sell IndusInd Bank around Rs 1290 with stop loss of Rs 1310 for target of Rs 1245
Buy Peronet LNG with a stop loss of Rs 249.9 for target of Rs 266
Sell Ashok Leyland with a stop loss of Rs 60 for target of Rs 55
Sell Bosch below Rs 13325 with stop loss of Rs 13550 for target of Rs 12800
Prakash Gaba of prakashgaba.com
Sell Cipla with target at Rs 440 and stop loss at Rs 458
Sell Dish TV with target at Rs 15 and stop loss at Rs 21
Sell Reliance Industries with target at Rs 1100 and stop loss at Rs 1200
Sell YES Bank with target at Rs 48 and stop loss at Rs 54Disclaimer: 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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