Mitessh Thakkar of mitesshthakkar.com recommends buying Reliance Industries around Rs 1225 with stop loss of Rs 1211 and target of Rs 1250 and ITC around Rs 286 with stop loss of Rs 282 and target of Rs 295.
Benchmark indices fell for the ninth consecutive session for the first time in eight years. Nifty broke 11,150 level while Senses ended below its 100-DMA.
At close, Sensex was down 372.17 points at 37,090.82, while Nifty was down 130.70 points at 11,148.20. About 639 shares advanced, 1,826 shares declined, and 157 shares were unchanged.
Eicher Motors, Zee Entertainment, Sun Pharma, Indiabulls Housing and Yes Bank were among major losers on the Nifty, while Titan Company, Bharti Infratel, Tech Mahindra, HDFC and HUL were among gainers.
On the sectoral front, major selling was seen in PSU Banks and Pharma as both the indices closed with 4 percent cut, followed by metal, auto, energy and infra.
According to the Pivot charts, the key support level is placed at 11,082.47, followed by 11,016.73. If the index starts moving upward, key resistance levels to watch out are 11,257.07 and 11,365.93.
The Nifty Bank index closed at 28,659.95, down 380.55 points on May 13. The important Pivot level, which will act as crucial support for the index, is placed at 28,504.3, followed by 28,348.7. On the upside, key resistance levels are placed at 28,932.3, followed by 29,204.7.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Mindtree with stop loss at Rs 973 and target of Rs 988
Buy Power Grid with stop loss at Rs 178.5 and target of Rs 186
Sell Motherson Sumi Systems with stop loss at Rs 123 and target of Rs 119
Sell Bharat Forge with stop loss at Rs 455 and target of Rs 446
Sell Bank of India with stop loss at Rs 81.2 and target of Rs 78.5
Mitessh Thakkar of mitesshthakkar.com
Sell Larsen & Toubro with a stop loss of Rs 1336 and target of Rs 1280
Sell Tata Elxsi with a stop loss of Rs 860 and target of Rs 820
Buy Reliance Industries around Rs 1225 with stop loss of Rs 1211 and target of Rs 1250
Buy ITC around Rs 286 with stop loss of Rs 282 and target of Rs 295
Prakash Gaba of prakashgaba.com
Sell Century Textiles with target at Rs 870 and stop loss at Rs 907
Sell Dish TV with target at Rs 29 and stop loss at Rs 33
Sell Reliance Capital with target at Rs 100 and stop loss at Rs 112
Sell Zee Entertainment with target at Rs 320 and stop loss at Rs 363
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