The market snapped its three-day winning streak and closed sharply lower on May 29 ahead of the expiry of May derivative contracts. Banks, auto and metals stocks lagged. Global trade war tensions and Arun Jaitley's decision to opt out of the new government due to health issues hit traders' sentiment.
The BSE Sensex fell 247.68 points to close at 39,502.05 while the Nifty 50 ended down 67.70 points to end at 11,861.10, forming a bearish candle on daily charts.
According to the Pivot charts, the key support level is placed at 11,821.3, followed by 11,781.5. If the index starts moving upward, key resistance levels to watch out are 11,916.4 and 11,971.7.
The Nifty Bank index closed at 31,295.55, down 302.35 points on May 29. The important Pivot level, which will act as crucial support for the index, is placed at 31,186.73, followed by 31,077.87. On the upside, key resistance levels are placed at 31,475.63, followed by 31,655.67.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Sudarshan Sukhani of s2analytics.com
Buy Titan Company with stop loss at Rs 1222 and target of Rs 1244
Buy Bharat Petroleum Corporation with stop loss at Rs 395 and target of Rs 405
Buy Britannia Industries with stop loss at Rs 2885 and target of Rs 2945
Sell Tata Elxsi with stop loss at Rs 893 and target of Rs 880
Sell Hindustan Zinc with stop loss at Rs 250 and target of Rs 246
Rajat Bose of rajatkbose.com
Sell Cadila Healthcare with stop loss above Rs 268 for targets of Rs 257 and Rs 253
Sell Glenmark Pharma with stop loss above Rs 550.25 for targets of Rs 537 and Rs 533
Buy Havells India with stop loss below Rs 722.75 for targets of Rs 740 and Rs 742
Buy HCL Tech with stop loss below Rs 1073 for targets of Rs 1100 and Rs 1115
Praakash Gaba of prakashgaba.com
Buy HCL Tech with target at Rs 1115 and stop loss at Rs 1072
Buy TCS with target at Rs 2180 and stop loss at Rs 2175
Sell Punjab National Bank with target at Rs 78 and stop loss at Rs 84
Sell CG Power with target at Rs 34 and stop loss at Rs 38
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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