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The Nifty50 after opening flat traded rangebound throughout the session but started correcting gradually in late morning deals. It fell below psychological 11,700-mark in the last half an hour of trade and closed tad below the same level on Wednesday.
The index formed bearish candle on the daily candlestick charts ahead of expiry of August futures & options contracts on Thursday.
The Nifty50 opened at 11,744.95 and closed at 11,691.90. In the morning, the index after flat opening dipped and immediately bounced back to hit an intraday high of 11,753.20 followed by volatility. It started correcting gradually in late morning deals and hit a day's low of 11,678.85 in late trade. The index closed 46.60 points lower at 11,691.90.
After today's correction, the index is likely to correct further and if it breaks 11,600 levels then major fall is likely, experts said, adding the volatility is likely to be high on Thursday due to expiry of August futures & options contracts.
According to Pivot charts, the key support level is placed at 11,662.73, followed by 11,633.57. If the index starts moving upwards, key resistance levels to watch out are 11,737.13 and 11,782.37.
The Nifty Bank index closed at 28,224.10, down 45.55 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 28,146.57, followed by 28,069.04. On the upside, key resistance levels are placed at 28,322.87, followed by 28,421.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy SRF with a stop loss of Rs 2000, target of Rs 2125
Buy Capital First with a stop loss of Rs 640, target of Rs 665
Buy Bajaj Finance with a stop loss of Rs 2970, target of Rs 3020
Sell IndusInd Bank with a stop loss of Rs 1920, target of Rs 1865
Sell Hindustan Petroleum Corporation with a stop loss of Rs 261, target of Rs 247
Sudarshan Sukhani of s2analytics.com
Buy Escorts with a stop loss at Rs 887 and target of Rs 900
Buy Strides Pharma with a stop loss at Rs 470 and target of Rs 500
Buy United Breweries with a stop loss at Rs 1365 and target of Rs 1425
Sell BEML with a stop loss at Rs 835 and target of Rs 790
Sell Can Fin Homes with a stop loss at Rs 322 and target of Rs 307
Mitessh Thakkar of mitesshthakkar.com
Buy Bharat Forge with a stop loss of Rs 658 and target of Rs 690
Buy Century Textiles and Industries with a stop loss of Rs 940 and target of Rs 1000
Sell Sun TV with a stop loss of Rs 781 and target of Rs 740
Buy PVR with a stop loss of Rs 1344 and target of Rs 1405
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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