Sensex closed the day 642 points lower at 36,481.09 while Nifty closed 186 points or 1.69 percent lower at 10,817.60. Among the 50 stocks in the Nifty index, 44 incurred losses.
Both Nifty and Nifty Bank turned negative for the calendar 2019. Nifty Bank index closed 723 points or 2.60 percent down at 27,131.75. India VIX climbed 7.12 percent to 16.02 level.
Nifty formed a bearish belt hold candle on the daily chart and has also broken its rising support trend line by connecting swing lows of 10,637, 10,746 then 10,880 levels. Experts feel the sentiments are expected to remain weak and if index remains below 10,880 levels then the weakness could continue in coming sessions.
According to the pivot charts, key support level for Nifty is placed at 10,742.7, followed by 10,667.8. If the index starts moving up, key resistance levels to watch out for are 10,946.3 and 11,075.
The Nifty Bank closed with a strong loss of 2.60 percent at 27,131.75 on September 17. The important pivot level, which will act as crucial support for the index, is placed at 26,836, followed by 26,540.2. On the upside, key resistance levels are placed at 27,639.5 and 28,147.2.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Siemens with stop loss at Rs 1230 and target of Rs 1280
Buy RBL Bank with stop loss at Rs 345 and target of Rs 360
Buy GAIL India with stop loss at Rs 127 and target of Rs 137
Sell Indiabulls Housing Finance with stop loss at Rs 435 and target of Rs 421
Mitessh Thakkar of mitesshthakkar.com
Sell Exide Industries around Rs 176 with stop loss of Rs 178.7 and target of Rs 170
Sell Ambuja Cements around Rs 197 with stop loss of Rs 201 for target of Rs 188
Buy PAGE Industries with a stop loss of Rs 19100 and target of Rs 19920
Sell Bank of Baroda around Rs 96 - 96.5 with stop loss of Rs 98.5 for target of Rs 92
Prakash Gaba of prakashgaba.com
Sell Ashok Leyland with target at Rs 50 and stop loss at Rs 62
Sell Bharat Heavy Electricals with target at Rs 45 and stop loss at Rs 50
Sell NMDC with target at Rs 78 and stop loss at Rs 85
Sell Pidilite Industries with target at Rs 1290 and stop loss at Rs 1350
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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