Sudarshan Sukhani of s2analytics.com recommends buying Titan Company with stop loss at Rs 1075 and target of Rs 1120 and HDFC Bank with stop loss at Rs 2290 and target of Rs 2330.
Benchmark indices saw sharp selling pressure on May 8 with the Sensex falling nearly 500 points and the Nifty breaking 11,400 levels as bears retained charge on Dalal Street. Trade tensions between the US & China, global growth concerns and mixed quarterly earnings dented market sentiment.The market fell for the sixth straight session. The BSE Sensex tanked 487.50 points to 37,789.13 while the Nifty 50 plunged 138.40 points to 11,359.50
forming a bearish candle on the daily scale.
The Nifty has breached the junction of the 40-day exponential moving average, the daily lower Bollinger & lower end of a falling channel with a decisive margin which shows the bears are having an upper hand on the index and are determined to push the index further down, experts said.
According to the Pivot charts, the key support level is placed at 11,311.3, followed by 11,263.1. If the index starts moving upward, key resistance levels to watch out are 11,443.4 and 11,527.3.
The Nifty Bank index closed at 28,994.40, down 293.80 points on May 8. The important Pivot level, which will act as crucial support for the index, is placed at 28,876.7, followed by 28,759. On the upside, key resistance levels are placed at 29,186.7, followed by 29,379.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Titan Company with stop loss at Rs 1075 and target of Rs 1120
Buy HDFC Bank with stop loss at Rs 2290 and target of Rs 2330
Buy Ajanta Pharma with stop loss at Rs 1042 and target of Rs 1072
Sell Adani Power with stop loss at Rs 41.8 and target of Rs 40.5
Sell Bank of Baroda with stop loss at Rs 112 and target of Rs 109.5
Mitessh Thakkar of mitesshthakkar.com
Sell Equitas Holdings with a stop loss of Rs 128.6 and target of Rs 120
Sell Nestle India with a stop loss of Rs 10525 and target of Rs 9800
Sell Exide Industries with a stop loss of Rs 213.5 and target of Rs 198
Buy SRF with a stop loss of Rs 2400 and target of Rs 2520
Prakash Gaba of prakashgaba.com
Buy Ceat with target at Rs 1080 and stop loss at Rs 1047
Buy Castrol India with target at Rs 153 and stop loss at Rs 148
Sell BPCL with target at Rs 363 and stop loss at Rs 384
Sell NTPC with target at Rs 129 and stop loss at Rs 132
Sell Steel Authority of India with target at Rs 50 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.
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