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Bulls failed to regain control over D-Street as Nifty slipped below crucial moving average such as 5-day exponential moving average (EMA), 20-EMA, as well as 13-EMA in a single day and made a ‘Bearish Belt Hold’ kind of pattern on daily charts on Monday.
The index slipped below crucial short-term moving average and the next crucial support is now placed at 11,250 which was the swing low formed on 12 September. On the other hand, for bulls to take control, Nifty has to reclaim 11,520 levels.
The Nifty opened at 11,464 and slipped below 11,400 to touch its intraday low of 11,366 before closing the day at 11,377 down 137 points.
According to Pivot charts, the key support level is placed at 11,341.47, followed by 11,305.13. If the index starts moving upwards, key resistance levels to watch out are 11,439.57 and 11,501.33.
The Nifty Bank index closed at 26,820.3. The important Pivot level, which will act as crucial support for the index, is placed at 26,708.26, followed by 26,596.23. On the upside, key resistance levels are placed at 26,967.46, followed by 27,114.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell L&T Finance Holdings with a stop loss of Rs 158, target of Rs 150
Sell Titan Company with a stop loss of Rs 830, target of Rs 800
Buy Jindal Steel & Power with a stop loss of Rs 232, target of Rs 248
Buy Tata Global Beverage with a stop loss of Rs 232, target of Rs 246
Buy Havells India with a stop loss of Rs 660, target of Rs 678
Sudarshan Sukhani of s2analytics.com
Sell Bharti Infratel with stop loss at Rs 270 and target of Rs 261
Sell IRB Infra with stop loss at Rs 178 and target of Rs 168
Sell Jet Airways with stop loss at Rs 270 and target of Rs 255
Buy Strides Pharma with stop loss at Rs 500 and target of Rs 525
Mitessh Thakkar of mitesshthakkar.com
Buy Engineers India above Rs 138 with stop loss of Rs 135 for target of Rs 145
Sell Godrej Industries with a stop loss of Rs 584 for target of Rs 552
Buy Jindal Steel & Power with a stop loss of Rs 231 for target of Rs 250
Sell UltraTech Cement with a stop loss of Rs 4160 for target of Rs 3970
Buy Avanti Feeds with a stop loss of Rs 442 for target of Rs 505
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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