Mitessh Thakkar of mitesshthakkar.com recommends buying Biocon with a stop loss of Rs 663 and target of Rs 705 and advises selling Container Corporation of India with a stop loss of Rs 628 and target of Rs 585 and Oriental Bank of Commerce with a stop loss of Rs 75.1 and target of Rs 68.
The Nifty50 corrected sharply for second consecutive session and broke the psychological 11,300-mark on Tuesday, forming bearish candle on the daily candlestick charts. Rising crude oil prices, weakening rupee and escalated trade war tensions between world's largest economies US and China caused selling pressure in the market.
All sectoral indices closed in the red with Nifty PSU Bank falling the most (down 5.44 percent) followed by Bank, Auto, Metal and Realty which lost between 1-3 percent. The broader markets also caught in bear trap with the Nifty Midcap index losing 1.4 percent.
The Nifty50 after opening flat tried to rebound and hit an intraday high of 11,411.45, but could not sustain for long and corrected further as the day progressed.
The index fell up to 11,268.95 intraday in late trade but managed to hold its crucial support of 11,250 levels.
It lost 98.90 points to close at 11,278.90. And also closed below its 50-DEMA which indicates that bears are holding the tight grip in the market, experts said.
According to Pivot charts, the key support level is placed at 11,228.1, followed by 11,177.3. If the index starts moving upwards, key resistance levels to watch out are 11,370.6 and 11,462.3.
The Nifty Bank index closed at 26,441.45, down 378.85 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,265.5, followed by 26,089.6. On the upside, key resistance levels are placed at 26,759.2, followed by 27,077.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Interglobe Aviation with a stop loss of Rs 870, target of Rs 835
Sell LIC Housing Finance with a stop loss of Rs 472, target of Rs 450
Sell Escorts with a stop loss of Rs 765, target of Rs 750
Buy HCL Technologies with a stop loss of Rs 1070, target of Rs 1110
Buy Dabur India with a stop loss of Rs 465, target of Rs 482
Sudarshan Sukhani of s2analytics.com
Buy Dr Reddy's Labs with stop loss at Rs 2550 and target of Rs 2700
Buy HCL Technologies with stop loss at Rs 1075 and target of Rs 1105
Buy Hindustan Unilever with stop loss at Rs 1645 and target of Rs 1700
Sell Indiabulls Housing Finance with stop loss at Rs 1175 and target of Rs 1130
Sell Zee Entertainment Enterprises with stop loss at Rs 468 and target of Rs 453
Mitessh Thakkar of mitesshthakkar.com
Buy Biocon with a stop loss of Rs 663 and target of Rs 705
Sell Container Corporation of India with a stop loss of Rs 628 and target of Rs 585
Sell Oriental Bank of Commerce with a stop loss of Rs 75.1 and target of Rs 68
Sell Allahabad Bank below Rs 39.5 with stop loss of Rs 41 for target of Rs 36Disclaimer: 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.