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The Nifty reversed gains in the second half of the session to close below its crucial support placed at 11,400 levels on Thursday. It made a bearish candle on the daily candlestick charts.
The index slipped below its 5-exponential moving average (EMA) placed at 11,401, but above 13-EMA placed at 11,349. For the momentum to continue on Friday, the index should stay above 11,366 and climb above 11,400 levels, suggest experts.
Failure of the index to hold above 11,366 which was the intraday low of Thursday, could drag the index towards 11,230 levels, they say.
The Nifty50 which opened at 11,397 rose to an intraday high of 11,449.85. It slipped below 11400 to hit an intraday low of 11,366 before closing at 11,385, down 50 points.
India VIX moved up by 2.73 percent at 13.64 levels. On the options front, maximum Put OI is placed at 11,000 followed by 11,200 strikes while maximum Call OI is placed at 11,500 followed by 11,400 strikes.
According to Pivot charts, the key support level is placed at 11,350.87, followed by 11,316.73. If the index starts moving upwards, key resistance levels to watch out are 11,434.47 and 11,483.93.
The Nifty Bank index closed at 27,826.6. The important Pivot level, which will act as crucial support for the index, is placed at 27,733.04, followed by 27,639.47. On the upside, key resistance levels are placed at 27,966.64, followed by 28,106.67.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy NBCC with a stop loss of Rs 73, target of Rs 81
Buy Infosys with a stop loss of Rs 1400, target of Rs 1475
Buy Berger Paints with a stop loss of Rs 325, target of Rs 340
Buy Bata India with a stop loss of Rs 995, target of Rs 1040
Buy Tata Steel with a stop loss of Rs 560, target of Rs 585
Mitessh Thakkar of miteshthacker.com
Buy Berger Paints with a stop loss of Rs 324 and target of Rs 342
Buy Dr Reddy's Laboratories with a stop loss of Rs 2300 and target of Rs 2450
Buy Godrej Consumer Products with a stop loss of Rs 1314 and target of Rs 1375
Sell Tata Power Company with a stop loss of Rs 68.60 and target of Rs 63
Sell Zee Entertainment with a stop loss of Rs 508 and target of Rs 485
Prakash Gaba of prakashgaba.com
Buy NBCC with target at Rs 80 and stop loss at Rs 71
Buy Maruti Suzuki with target at Rs 9300 and stop loss at Rs 9100
Sell Equitas Holdings with target at Rs 135 and stop loss at Rs 142
Sell JSW Steel with target at Rs 320 and stop loss at Rs 335
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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