The Nifty continued to fall for third consecutive session to break crucial support of 11,250 levels and formed bearish candle on the daily charts again. The Nifty Midcap index also caught in bear trap, falling nearly a percent while all sectoral indices ended in the red barring Metal and IT.
The Nifty50 after gap up opening above 11,300-mark rallied to hit an intraday high of 11,332.05, but wiped out all gains in last couple of hours of trade to break crucial support and hit day's low of 11,210.90. The index fell nearly 100 points from day's high to end down 44.50 points at 11,234.40.
According to Pivot charts, the key support level is placed at 11,186.13, followed by 11,137.97. If the index starts moving upwards, key resistance levels to watch out are 11,307.23 and 11,380.17.
The Nifty Bank index closed at 26,277.35, down 164.10 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,138.13, followed by 25,998.96. On the upside, key resistance levels are placed at 26,514.03, followed by 26,750.77.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy IndusInd Bank with a stop loss of Rs 1780, target of Rs 1860
Buy Bajaj Finance with a stop loss of Rs 2480, target of Rs 2550
Buy Cholamandalam Investment with a stop loss of Rs 1300, target of Rs 1355
Buy Hindustan Petroleum Corporation with a stop loss of Rs 245, target of Rs 262
Buy ICICI Bank with a stop loss of Rs 315, target of Rs 332
Mitessh Thakkar of mitesshthakkar.com
Buy Aurobindo Pharma with a stop loss of Rs 765 and target of Rs 797
Buy GAIL India with a stop loss of Rs 378 and target of Rs 398
Buy Jindal Steel & Power with a stop loss of Rs 227.5 and target of Rs 244
Sell Container Corporation of India around Rs 627-630 with stop loss of Rs 645 for target of Rs 600
Buy Muthoot Finance with a stop loss of Rs 454.5 and target of Rs 472
Prakash Gaba of prakashgaba.com
Buy Jindal Steel & Power with target at Rs 240 and stop loss at Rs 227
Buy Titan Company with target at Rs 860 and stop loss at Rs 810
Sell Canara Bank with target at Rs 235 and stop loss at Rs 250
Sell Zee Entertainment with target at Rs 440 and stop loss at Rs 459
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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