Mitessh Thakkar of mitesshthakkar.com suggests buying Reliance Industries with a stop loss of Rs 1239 and target of Rs 1282 and Bata India with a stop loss of Rs 974 and target of Rs 1000 while he advises selling CESC with a stop loss of Rs 891 and target of Rs 840.
The Nifty50 repeated its previous day's trading pattern on Thursday, the expiry day of September futures & options contracts. The index opened sharply higher but after positive trade in the initial period, it extended losses as the day progressed and closed below psychological 11,000 levels. The index formed a bearish candle again on the daily charts.
The Nifty Bank, Auto, Financial Service, Pharma and Realty indices were down 1-3 percent while the Nifty Midcap index underperformed frontliners, falling 2.3 percent.
The Nifty50 opened higher at 11,079.80 and closed sharply lower at 10,977.55. The index managed to rise up to 11,089.45, the intraday high, in first half of an hour of trade but suddenly wiped out those gains and remained weak for rest of the session to hit day's low of 10,953.35. It closed 76.30 points lower at 10,977.50.
According to Pivot charts, the key support level is placed at 10,924.03, followed by 10,870.57. If the index starts moving upwards, key resistance levels to watch out are 11,060.23 and 11,142.97.
The Nifty Bank index closed at 25,042.15, down 334.15 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 24,882.03, followed by 24,721.87. On the upside, key resistance levels are placed at 25,327.43, followed by 25,612.67.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Tata Consultancy Services with a stop loss of Rs 2160, target of Rs 2230
Buy Hindustan Unilever with a stop loss of Rs 1600, target of Rs 1655
Sell Reliance Infra with a stop loss of Rs 308, target of Rs 293
Sell Balkrishna Industries with a stop loss of Rs 1060, target of Rs 1000
Sell L&T Finance Holdings with a stop loss of Rs 128, target of Rs 120
Prakash Gaba of prakashgaba.com
Buy Adani Enterprises with target at Rs 150 and stop loss at Rs 138
Buy Bata India with target at Rs 1010 and stop loss at Rs 970
Sell Vodafone Idea with target at Rs 30 and stop loss at Rs 40
Sell Reliance Power with target at Rs 20 and stop loss at Rs 27
Mitessh Thakkar of mitesshthakkar.com
Buy Reliance Industries with a stop loss of Rs 1239 and target of Rs 1282
Buy Bata India with a stop loss of Rs 974 and target of Rs 1000
Sell CESC with a stop loss of Rs 891 and target of Rs 840
Sell Jain Irrigation Systems around Rs 73 with stop loss of Rs 75.5 for target of Rs 66
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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