Sudarshan Sukhani of s2analytics.com recommends buying Tata Consultancy Services with stop loss at Rs 2220 and target of Rs 2310 and Maruti Suzuki with stop loss at Rs 5900 and target of Rs 6350.
A strong wave of selloff enveloped the Indian equity market on September 3, dragging key indices Sensex and Nifty down by over 2 percent. Investor sentiment received a blow after official data on August 30 showed India's gross domestic product (GDP) slowing to 5 percent in April-June 2019. The GDP growth was at 8 percent in the same quarter of 2018-19.
Other than worrisome macroeconomic indicators, the rupee's fall against the dollar, weak global sentiment and sustained capital outflow of foreign funds continued weighing on market sentiment.
Nifty50 finished 225 points, or 2.04 percent down at 10,797.90, with 48 stocks in the red.
Nifty broke multiple support levels on intraday charts and closed below 10,800. The index is trading below its crucial short-term moving averages such as 20-day moving average (DMA), 5-day exponential moving (EMA), and 13-day EMA, which is not a positive sign.
According to the pivot charts, the key support level for the index is placed at 10,724.57, followed by 10,651.23. If the index starts moving upward, key resistance levels to watch out for are 10,919.37 and 11,040.83.
The Nifty Bank index closed at 26,824.15, down 2.20 percent on September 3. The important pivot level, which will act as crucial support for the index, is placed at 26,628.83, followed by 26,433.47. On the upside, key resistance levels are placed at 27,133.33 and 27,442.47.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Tata Consultancy Services with stop loss at Rs 2220 and target of Rs 2310
Buy Maruti Suzuki with stop loss at Rs 5900 and target of Rs 6350
Buy Cadila Healthcare with stop loss at Rs 221 and target of Rs 245
Sell Tata Motors with stop loss at Rs 116 and target of Rs 104
Mitessh Thakkar of mitesshthakkar.com
Sell Ambuja Cements around Rs 195 with stop loss of Rs 198 and target of Rs 187
Buy Mahanagar Gas with a stop loss of Rs 819.5 and target of Rs 848
Sell Punjab National Bank around Rs 60 with stop loss of Rs 62.2 and target of Rs 55
Buy Escorts with a stop loss of Rs 484.9 and target of Rs 503
Prakash Gaba of prakashgaba.com
Buy TVS Motor with target at Rs 375 and stop loss at Rs 350
Sell Asian Paints with target at Rs 1550 and stop loss at Rs 1600
Sell Century Textiles with target at Rs 800 and stop loss at Rs 842
Sell PNB with target at Rs 50 and stop loss at Rs 62Disclaimer: 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.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.