The BSE Sensex plunged 267.64 points to 37,060.37 while the Nifty 50 lost 98.30 points to close below 11,000 levels, at 10,918.70, forming a bearish candle on the daily charts.
Experts feel the bearish bias may continue in coming session also if the index breaks its August lows.
Among sectors, Nifty Metal fell most with loss of nearly 3 percent followed by Bank and FMCG which declined nearly a percent each. The correction in broader markets was quite high compared to benchmarks as the Nifty Midcap index fell 1.6 percent and Smallcap index lost 1.9 percent.
According to the pivot charts, key support level is placed at 10,872.2, followed by 10,825.7. If the index starts moving upward, key resistance levels to watch out for are 10,999.7 and 11,080.7.
Nifty Bank closed at 27,719.05, down 263.40 points on August 21. The important pivot level, which will act as crucial support for the index, is placed at 27,557.24, followed by 27,395.37. On the upside, key resistance levels are placed at 27,989.94 and 28,260.77.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Interglobe Aviation with stop loss at Rs 1590 and target of Rs 1670
Buy Hindalco Industries with stop loss at Rs 175 and target of Rs 180
Buy Tata Elxsi with stop loss at Rs 625 and target of Rs 650
Sell IndusInd Bank with stop loss at Rs 1380 and target of Rs 1340
Mitessh Thakkar of mitesshthakkar.com
Sell Amara Raja Batteries with a stop loss of Rs 624 and target of Rs 580
Sell DLF with a stop loss of Rs 176 and target of Rs 162
Buy Infosys with a stop loss of Rs 789 and target of Rs 825
Buy Mahanagar Gas with a stop loss of Rs 835 and target of Rs 880
Prakash Gaba of prakashgaba.com
Buy Asian Paints with target at Rs 1620 and stop loss at Rs 1580
Buy Nestle India with target at Rs 13000 and stop loss at Rs 12250
Sell Coal India with target at Rs 175 and stop loss at Rs 195
Sell Tata Motors with target at Rs 100 and stop loss at Rs 120
Disclaimer: 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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