Sudarshan Sukhani of s2analytics.com suggests buying Divis Labs with stop loss at Rs 1290 and target of Rs 1350 and JSW Steel with stop loss at Rs 375 and target of Rs 392.
The market fell sharply on Wednesday as traders turned cautious ahead of Monetary Policy Committee's rate decision due on Friday after rupee hitting record lows and crude touching multi-year highs.
The Nifty50 after gap down opening extended losses as the day progressed and broke the 10,900 levels in last hour of trade. The index closed 150 points lower at 10,858.30 and formed strong bearish candle on the daily charts. If it doesn't stabilise around its 200-day EMA of 10,785 levels then more selling pressure is likely, experts said.
India VIX moved up by 8.16 percent at 18.21 levels. Volatility is not cooling down which is not giving the relief and suggests a tight bear grip in the market.
According to Pivot charts, the key support level is placed at 10,805, followed by 10,751.8. If the index starts moving upwards, key resistance levels to watch out are 10,950.2 and 11,042.2.
The Nifty Bank index closed at 25,069.90, down 297.10 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,907.43, followed by 24,744.97. On the upside, key resistance levels are placed at 25,351.23, followed by 25,632.56.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell United Spirits with a stop loss of Rs 507, target of Rs 490
Sell Century Textiles & Industries with a stop loss of Rs 811, target of Rs 785
Sell Arvind with a stop loss of Rs 321, target of Rs 305
Sell Jubilant Foodworks with stop loss of Rs 1205, target of Rs 1165
Buy Hindalco Industries with a stop loss of Rs 249, target of Rs 263
Sudarshan Sukhani of s2analytics.com
Buy Divis Labs with stop loss at Rs 1290 and target of Rs 1350
Buy JSW Steel with stop loss at Rs 375 and target of Rs 392
Sell Century Textiles with stop loss at Rs 825 and target of Rs 775
Sell ICICI Prudential Life Insurance with stop loss at Rs 337 and target of Rs 317
Sell L&T Finance Holdings with stop loss at Rs 130 and target of Rs 123
Mitessh Thakkar of mitesshthakkar.com
Sell ACC with a stop loss of Rs 1526 and target of Rs 1475
Sell Reliance Industries with a stop loss of Rs 1212.5 and target of Rs 1189
Sell Ambuja Cements with a stop loss of Rs 218.5 and target of Rs 203
Sell Century Textiles with a stop loss of Rs 820 and target of Rs 775
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