Benchmark stock indices Sensex and Nifty suffered strong losses on September 19 due to widespread selling across sectors as the concerns over rising geopolitical tension, crude oil prices and the deteriorating macroeconomic environment continued to keep the risk appetite of investors low.
Moreover, uncertainty over US Fed's future rates trajectory added to investors anxiety. On the technical charts, the market breached crucial support at 10,800, seen as a reason for a steep fall.
The Nifty index closed at 10,704.80, down 136 points, or 1.25 percent, with 7 stocks in the green and 43 in the red. The index managed to hold 10,700-mark but ended at its lowest level since February 19.
Closing at its lowest level since March 1, the BSE Sensex plunged for 470 points or 1.29 percent to settle at 36,093.47 with only four stocks - Tata Motors, HDFC Bank, Bharti Airtel and Asian Paints - in the green.
Nifty formed a bearish candle - which resembles a 'Bearish Belt Hold' kind of pattern on daily charts - for the second time this week.
The index still traded in a range of 10,650-11,150 levels, but as it went near to August lows intraday, the sentiments look to be weak. experts say if the index breaks August lows in the coming sessions, then a steep fall can't be ruled out.
According to the pivot charts, key support level for Nifty is placed at 10,634.93, followed by 10,565.07. If the index starts moving up, key resistance levels to watch out for are 10,809.93 and 10,915.07.
The Nifty Bank closed with a loss of 1.53 percent at 26,757.65 on September 19. The important pivot level, which will act as crucial support for the index, is placed at 26,541.99, followed by 26,326.3. On the upside, key resistance levels are placed at 27,074.39 and 22,7391.1.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Petronet LNG with stop loss at Rs 250 and target of Rs 285
Buy United Spirits with stop loss at Rs 610 and target of Rs 660
Buy Larsen & Toubro with stop loss at Rs 1390 and target of Rs 1460
Buy JSW Steel with stop loss at Rs 228 and target of Rs 255
Mitessh Thakkar of mitesshthakkar.com
Buy Voltas with a stop loss of Rs 654 and target of Rs 695
Buy JSW Steel with a stop loss of Rs 233 and target of Rs 250
Buy Larsen & Toubro with a stop loss of Rs 1394 and target of Rs 1450
Buy Mahindra & Mahindra with a stop loss of Rs 554 and target of Rs 595
Prakash Gaba of prakashgaba.com
Buy Bajaj Finserv with target at Rs 8200 and stop loss at Rs 7400
Buy Berger Paints with target at Rs 450 and stop loss at Rs 380
Buy Grasim Industries with target at Rs 800 and stop loss at Rs 720
Buy M&M Financial Services with target at Rs 380 and stop loss at Rs 330
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
