Mitessh Thakkar of mitesshthakkar.com suggests selling Coal India with a stop loss of Rs 271 and target of Rs 255 and advises buying Havells India around Rs 585, with stop loss of Rs 572 for target of Rs 612.
The market continued its southward journey for third consecutive day on Friday and closed in the red for eight out of last nine sessions. The Nifty50 attempted positive opening again but failed to hold the upside and remained lower for major part of the session on last trading day of September month, dragged by metals, IT and auto stocks.
The index closed far below 11,000 levels, forming bearish candle on the daily charts.
In fact, the month of September was like a nightmare for the market as the Nifty lost 6.4 percent, forming a long bearish candle which resembles a Bearish Engulfing pattern on the monthly charts. IL&FS-led liquidity fears in NBFC segment, rising crude oil prices and rupee volatility caused selling pressure in the market.
The Nifty50 managed to open higher above psychological 11,000 levels but wiped out all gains in first few minutes of trade. The index managed to rebound and hit an intraday high of 11,034.10 but that recovery again sold into and it a day's low of 10,850.30, which is the crucial support for next week, experts said.
The index finally closed 47 points lower at 10,930.50.
India VIX moved down by 1.24 percent to 16.71 levels. It has spiked by 9.36 percent in this week while up by 35 percent in this month. Rising volatility suggests that bears are holding the tight grip on the market, experts said, adding option band signifies a wider trading range in between 10,800 to 11,171 zones.
According to Pivot charts, the key support level is placed at 10,842.5, followed by 10,754.5. If the index starts moving upwards, key resistance levels to watch out are 11,026.3 and 11,122.1.
The Nifty Bank index closed at 25,119.85, up 77.70 points on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 24,907.77, followed by 24,695.73. On the upside, key resistance levels are placed at 25,343.27, followed by 25,566.73.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Wipro with a stop loss of Rs 319, target of Rs 334
Buy HDFC Bank with a stop loss of Rs 1980, target of Rs 2060
Buy Reliance Industries with a stop loss of Rs 1245, target of Rs 1275
Sell Tata Steel with a stop loss of Rs 590, target of Rs 565
Sell Hind Petroleum Corporation with a stop loss of Rs 255, target of Rs 242
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Sudarshan Sukhani of s2analytics.com
Buy Tata Consultancy Services with stop loss at Rs 2150 and target of Rs 2240
Buy Aurobindo Pharma with stop loss at Rs 725 and target of Rs 775
Sell Adani Ports with stop loss at Rs 335 and target of Rs 315
Sell Canara Bank with stop loss at Rs 225 and target of Rs 210
Mitessh Thakkar of mitesshthakkar.com
Sell Coal India with a stop loss of Rs 271 and target of Rs 255
Buy Havells India around Rs 585, with stop loss of Rs 572 for target of Rs 612
Sell Kaveri Seed Company with a stop loss of Rs 590.5 and target of Rs 555
Sell Steel Authority of India below Rs 67.5 with stop loss of Rs 69.25 for target of Rs 64
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