Moneycontrol News
The Nifty after sharp gap down opening continued to trade lower throughout the session on Thursday, the last day of October series. Global cues and correction in index heavyweights Reliance Industries and HDFC twins weighed down the market.
The index hit fresh seven-month low during the day but managed to show some recovery in later part of the session to close above 10,100 levels. It made small bodied bearish candle on the daily charts, which resembles a ‘Doji’ kind of pattern.
Experts feel the market behaviour indicated that it may be bottoming out for the time being. Hence, the pull back rally could be possible in coming sessions, which could be short lived, they said.
According to Pivot charts, the key support level is placed at 10,080.6, followed by 10,036.3. If the index starts moving upwards, key resistance levels to watch out are 10,167.9 and then 10,210.9.
The Nifty Bank index closed at 24,817.4. The important Pivot level, which will act as crucial support for the index, is placed at 24,683.7, followed by 24,550.0.
On the upside, key resistance levels are placed at 24,964.2, followed by 25,111.0.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Adani Enterprises with a stop loss of Rs 168, target of Rs 180
Buy United Spirits with a stop loss of Rs 530, target of Rs 555
Buy Berger Paints with a stop loss of Rs 285, target of Rs 310
Sell Indiabulls Housing Finance with a stop loss of Rs 695, target of Rs 675
Sell State Bank of India with a stop loss of Rs 255, target of Rs 240
Mitessh Thakkar of mitesshthakkar.com
Sell Aurobindo Pharma with a stop loss of Rs 731 for target of Rs 696
Sell Bank of Baroda with a stop loss of Rs 101 and target of Rs 93
Buy Oriental Bank of Commerce above Rs 67.5 with stop loss of Rs 65.5 for target of Rs 72
Buy Coal India with a stop loss of Rs 277 and target of Rs 293
Prakash Gaba of prakashgaba.com
Buy Bajaj Finserv with target at Rs 5650 and stop loss at Rs 5290
Buy Coal India with target at Rs 290 and stop loss at Rs 270
Sell Jubilant Foodworks with target at Rs 1000 and stop loss at Rs 1125
Sell Sun TV Network with target at Rs 590 and stop loss at Rs 630
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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