Prakash Gaba of prakashgaba.com recommends buying Sun Pharma with target at Rs 455 and stop loss at Rs 435.
The market wiped out the two-day gains from the previous sessions and saw the biggest single-day fall in the past 30 days on August 13, dented by weak domestic and global cues. Reliance Industries' 10 percent rally, however, restricted the losses to some extent.
The BSE Sensex plunged 623.75 points or 1.66 percent to 36,958.16, while the Nifty50 lost 183.80 points or 1.65 percent to 10,925.90 and formed a large bearish candle, resembling a Long Black Day-kind of formation on daily charts.
The broader market also saw heavy selling pressure with Nifty Midcap and Smallcap indices falling 2.17 percent and 1.6 percent, respectively. Among sectors, Nifty Bank, Auto, FMCG and IT were hit hard, losing between 2 and 4 percent.
According to the pivot charts, key support level is placed at 10,836.3, followed by 10,746.8. If the index starts moving upward, key resistance levels to watch out for are 11,080.6 and 11,235.4.
Nifty Bank closed at 27,729.10, down 702.80 points. The important pivot level, which will act as crucial support for the index, is placed at 27,488.8, followed by 27,248.5. On the upside, key resistance levels are placed at 28,164.1 and 28,599.1.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy HCL Tech with stop loss at Rs 1055 and target of Rs 1100
Buy L&T Finance Holdings with stop loss at Rs 99.2 and target of Rs 104
Sell Jindal Steel & Power with stop loss at Rs 96 and target of Rs 93
Sell Cummins India with stop loss at Rs 600 and target of Rs 575
Mitessh Thakkar of mitesshthakkar.com
Sell Bajaj Finserv around Rs 7150 with stop loss of Rs 7300 and target of Rs 6800
Buy Sun Pharma with a stop loss of Rs 433 and target of Rs 451
Sell Tata Chemicals with a stop loss of Rs 566 and target of Rs 530
Buy Coal India with a stop loss of Rs 199.5 and target of Rs 211
Prakash Gaba of prakashgaba.com
Buy Sun Pharma with target at Rs 455 and stop loss at Rs 435
Sell Federal Bank with target at Rs 79 and stop loss at Rs 86
Sell Just Dial with target at Rs 625 and stop loss at Rs 690
Sell YES Bank with target at Rs 75 and stop loss at Rs 83Disclaimer: 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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