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The Nifty50 opened with big gap down at 10,169.80 followed by a bit of recovery from day's low of 10,138.60 in later part of the session. The index still closed 225.40 points lower at 10,234.70, the lowest closing level since April 4, 2018.
Experts expect the most selling pressure could be possible if the index breaks Thursday's low of 10,138 in coming sessions.
India VIX moved up sharply by 14.68 percent to 20.53 levels. Spurt in VIX from previous day's low suggests that bears are not loosening their grip and bounce are being sold in the market. Now VIX has to cool down below 17.50-17 zones to get any sign of consolidation, experts said.
According to Pivot charts, the key support level is placed at 10,136.87, followed by 10,039.03. If the index starts moving upwards, key resistance levels to watch out are 10,334.27 and 10,433.83.
The Nifty Bank index closed at 24,783.95, up 537.75 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 24,538.37, followed by 24,292.83. On the upside, key resistance levels are placed at 24,984.77, followed by 25,185.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Hindustan Unilever with a stop loss of Rs 1500, target of Rs 1620
Buy GAIL India with a stop loss of Rs 345, target of Rs 370
Buy Bharat Electronics with a stop loss of Rs 80, target of Rs 91
Buy Kotak Mahindra Bank with a stop loss of Rs 1100, target of Rs 1135
Buy Axis Bank with a stop loss of Rs 570, target of Rs 605
Mitessh Thakkar of mitesshthakkar.com
Buy United Spirits around Rs 490 with stop loss of Rs 480 and target of Rs 513
Sell Ramco Cements with a stop loss of Rs 592 and target of Rs 555
Sell Tata Steel with a stop loss of Rs 567 and target of Rs 532
Buy Radico Khaitan with a stop loss of Rs 320 and target of Rs 348
Prakash Gaba of prakashgaba.com
Buy Colgate Palmolive with target at Rs 1125 and stop loss at Rs 1085
Buy United Spirits with target at Rs 525 and stop loss at Rs 480
Sell Cipla with target at Rs 600 and stop loss at Rs 630
Sell NIIT Tech with target at Rs 1000 and stop loss at Rs 1100
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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