Mitessh Thakkar of mitesshthakkar.com is of the view that one can buy Asian Paints with a stop loss of Rs 1273 and target of Rs 1330, Wipro with a stop loss of Rs 255 and target of Rs 270 and sell Grasim Industries with a stop loss of Rs 1001.50 and target of Rs 960.
The NSE Nifty which opened at 10,732.35 rose to an intraday high of 10,736.15 but then bears took control at Dalal Street and pushed the index towards 10,600 levels. It hit an intraday low of 10,604.65 but managed to recoup half of losses in the last couple of hours of trade before closing the day at 10,657.30, down 57 points.
The index closed below 13-EMA, 5-EMA, and 50-EMA but still maintained the crucial support which is 100-EMA at 10,575. Formation of a Dark Cloud Cover after a bullish candle does not augur well for the bulls and traders should avoid short term bets for the time being, experts suggest.
India VIX moved up by 3.94 percent at 13.37 levels. On the option front, maximum Put open interest (OI) was seen at 10,600 followed by 10,500 strike while maximum Call OI was seen at 11,000 followed by 10,800 strike.
According to Pivot charts, the key support level is placed at 10,595.93, followed by 10,534.57. If the index starts moving upwards, key resistance levels to watch out are 10,727.43 and 10,797.57.
The Nifty Bank index closed at 26,230.3 on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 26,070.07, followed by 25,909.83. On the upside, key resistance levels are placed at 26,381.07, followed by 26,531.83.
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 1630, target of Rs 1675
Buy Asian Paints with a stop loss of Rs 1280, target of Rs 1330
Sell CESC with a stop loss of Rs 902 and target of Rs 875
Sell L&T Finance Holdings with a stop loss of Rs 150, target of Rs 139
Sell Interglobe Aviation with a stop loss of Rs 1065, target of Rs 1020
Sudarshan Sukhani of s2analytics.com
Buy Tata Consultancy Services with a stop loss at Rs 1800 and target of Rs 1950
Buy HUL with a stop loss at Rs 1625 and target of Rs 1685
Buy IndusInd Bank with stop loss at Rs 1925 and target of Rs 1985
Sell Apollo Tyres with stop loss at Rs 258 and target of Rs 243
Sell LIC Housing Finance with stop loss at Rs 475 and target of Rs 460
Mitessh Thakkar of mitesshthakkar.com
Buy Asian Paints with a stop loss of Rs 1273 and target of Rs 1330
Sell Grasim Industries with a stop loss of Rs 1001.50 and target of Rs 960
Buy Wipro with a stop loss of Rs 255 and target of Rs 270
Buy Apollo Hospitals with a stop loss of Rs 1036 and target of Rs 1110
Sell Reliance Capital with a stop loss of Rs 380 and target of Rs 350Disclaimer: 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.The Great Diwali Discount!
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