Sudarshan Sukhani of s2analytics.com recommends buying ICICI Prudential Life Insurance with stop loss at Rs 425 and target of Rs 455 and GAIL India with stop loss at Rs 132 and target of Rs 142.
Sensex broke the winning streak of the last three consecutive sessions, falling 504 points, or 1.29 percent, to 38,593.52. Only six stocks in the 30- share pack managed to settle in the green.
The Nifty index fell for the second consecutive day, ending the day at 11,440.20, down 148 points or 1.28 percent. This was the second biggest single-day fall this month for the index. Among the 50 stocks in the index, 37 suffered losses.
The overall market capitalisation of BSE-listed firms dropped to Rs 1.47 lakh crore from Rs 1.49 lakh crore in the previous session, making investors poorer by about Rs 2 lakh crore in a single day. Nifty closed well below 11,500 level and formed bearish belt hold pattern on daily charts.
Experts expect Nifty to be volatile amid F&O expiry but if the index breaks 11,382, the crucial support level, then selling could intensify in coming sessions.
According to the pivot charts, key support level for Nifty is placed at 11,382.53, followed by 11,324.87. If the index starts moving up, key resistance levels to watch out for are 11,531.43 and 11,622.67.
Nifty Bank closed with a loss of 1.98 percent at 29,586.05. The important pivot level, which will act as crucial support for the index, is placed at 29,348.26, followed by 29,110.43. On the upside, key resistance levels are placed at 29,945.76 and 30,305.43.In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
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