Moneycontrol News
Bears retained a tight grip on Dalal Street for the fourth day in a row on September 21, as the Nifty 50 - after gap up opening - fell sharply in the afternoon and broke crucial support of 11,000, but managed to pull back some losses in the latter part of the session to close off the day's low.
The free fall in Yes Bank after RBI's decision to end Rana Kapoor's term as CEO, and impact of the weakness in the rupee and hardening bond yield, started reflecting on NBFCs as sentiments were hit across sectors.
The Nifty Midcap index dropped 2.5 percent while Nifty Bank was down 2.6 percent and Realty lost 3.5 percent followed by auto, financial service and pharma.
The Nifty 50 started the day on a strong note at 11,271.30 and hit the day's high of 11,346.80 following positive global cues, and due to short covering, but suddenly crashed in the afternoon to break the 11,000-mark and hit an intraday low of 10,866.45, which last seen on July 9, showing a loss of 368 points intraday.
The index managed to recoup 2/3rd of losses in the last hour of trade to close 91.30 points lower at 11,143.10.
India VIX moved up sharply by 10.92 percent to 15.53 and during the day it made a high of 16.92 which is the highest level in the last seven months since February 20, 2018.
According to Pivot charts, the key support level is placed at 10,890.8, followed by 10,638.5. If the index starts moving upwards, key resistance levels to watch out are 11,371.1 and 11,599.1.
The Nifty Bank index closed at 25,596.90, down 680.45 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 24,936.67, followed by 24,276.43. On the upside, key resistance levels are placed at 26,373.77, followed by 27,150.63.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Bank of Baroda with a stop loss of Rs 114, target of Rs 105
Sell Reliance Capital with a stop loss of Rs 342, target of Rs 328
Sell Repco Home Finance with a stop loss of Rs 470, target of Rs 452
Sell Punjab National Bank with a stop loss of Rs 75, target of Rs 64
Buy Sun TV Network with a stop loss of Rs 659, target of Rs 680
Sudarshan Sukhani of s2analytics.com
Sell LIC Housing Finance with stop loss at Rs 475 and target of Rs 425
Sell M&M Financial Services with stop loss at Rs 425 and target of Rs 390
Sell Bank of India with stop loss at Rs 88 and target of Rs 83.5
Buy Reliance Industries with stop loss at Rs 1200 and target of Rs 1240
Buy Tata Consultancy Services with stop loss at Rs 2080 and target of Rs 2135
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Mitessh Thakkar of mitesshthakkar.com
Sell Ashok Leyland around Rs 124 with stop loss of Rs 127.5 and target of Rs 116
Sell Dalmia Bharat with stop loss of Rs 2533 and target of Rs 2390
Buy GAIL India with a stop loss of Rs 384 and target of Rs 404
Buy Biocon with a stop loss of Rs 663 and target of Rs 700
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
