Sudarshan Sukhani of s2analytics.com recommends buying Mindtree with stop loss of Rs 702 and target of Rs 725 and Pidilite Industries with stop loss at Rs 1215 and target of Rs 1255.
The market extended selling pressure for the second consecutive session and closed at a five-month low on July 30, dragged by banks, auto, metals and pharma stocks.
The BSE Sensex was down 289.13 points at 37,397.24 while the Nifty50 fell 103.80 points to close below the 200-day moving average, at 11,085.40 and formed a large bearish candle on daily charts.
Selling pressure in broader markets was quite high compared to benchmark indices, especially after sharp correction in Coffee Day Enterprises and Sical Logistics stocks as owner VG Siddhartha was reported missing on July 29. The Nifty Midcap index lost nearly 2 percent and Smallcap index was down 2.6 percent.
According to the pivot charts, the key support level is placed at 11,016.23, followed by 10,947.07. If the index starts moving upward, the key resistance levels to watch for out are 11,211.03 and 11,336.67.
The Nifty Bank closed at 28,791.60, down by 504.30 points on July 30. The important pivot level, which will act as crucial support for the index, is placed at 28,509.5, followed by 28,227.4. On the upside, key resistance levels are placed at 29,302.0, and 29,812.4.
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 of Rs 702 and target of Rs 725
Buy Pidilite Industries with stop loss at Rs 1215 and target of Rs 1255
Buy Power Grid with stop loss at Rs 205 and target of Rs 214
Sell Tata Elxsi with stop loss at Rs 626 and target of Rs 605
Sell Tata Motors with stop loss at Rs 137 and target of Rs 125
Mitessh Thakkar of mitesshthakkar.com
Sell IndusInd Bank with a stop loss of Rs 1358 and target of Rs 1295
Buy Tata Consultancy Services around Rs 2170 with stop loss of Rs 2148 and target of Rs 2215
Sell Cadila Healthcare with a stop loss of Rs 225 and target of Rs 210
Sell Cummins India with stop loss of Rs 710 and target of Rs 680
Prakash Gaba of prakashgaba.com
Buy HCL Tech with target at Rs 1040 and stop loss at Rs 1015
Sell Bharat Forge with target at Rs 400 and stop loss at Rs 420
Sell Jindal Steel & Power with target at Rs 120 and stop loss at Rs 134
Sell Steel Authority of India with target at Rs 35 and stop loss at Rs 43Disclaimer: 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.