The 50-share NSE index opened sharply lower at 10,754.70 which was highest point of the day and fell further as the day progressed to hit an intraday low of 10,547.25 amid volatility. The index closed 259 points lower at 10,599.30, the lowest level since June 28, 2018.
The index formed a 'Bearish Belt Hold' kind of pattern on the daily candlestick charts.
"Bears continued to rule the roost with Nifty50 registering a gap down opening below its 200-Day EMA before signing off the session with a Bearish Belt Hold kind of formation," Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in, told Moneycontrol.
India VIX moved up by 8.05 percent at 19.58 levels. Volatility is not cooling down which is not giving the relief to bulls and suggests a tight bear grip in the market.
According to Pivot charts, the key support level is placed at 10,512.7, followed by 10,426.2. If the index starts moving upwards, key resistance levels to watch out are 10,720.2 and 10,841.2.
The Nifty Bank index closed at 24,819.30, down 250.60 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 24,582.46, followed by 24,345.63. On the upside, key resistance levels are placed at 24,974.76, followed by 25,130.23.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Repco Home Finance with a stop loss of Rs 406, target of Rs 390
Sell Wockhardt with a stop loss of Rs 525, target of Rs 510
Sell Bata India with a stop loss of Rs 872, target of Rs 850
Buy ICICI Bank with a stop loss of Rs 312, target of Rs 326
Buy Avenue Supermarts with a stop loss of Rs 1330, target of Rs 1400
Sudarshan Sukhani of s2analytics.com
Buy ACC with stop loss at Rs 1505 and target of Rs 1580
Buy HCL Technologies with stop loss at Rs 1070 and target of Rs 1100
Sell Capital First with stop loss at Rs 496 and target of Rs 470
Sell Exide Industries with stop loss at Rs 255 and target of Rs 240
Sell Kajaria Ceramics with stop loss at Rs 360 and target of Rs 338
Mitessh Thakkar of mitesshthakkar.com
Buy Bata India around Rs 865- 862 with stop loss of Rs 849 and target of Rs 890
Sell Godrej Consumer Products with a stop loss of Rs 733 and target of Rs 695
Sell PAGE Industries with a stop loss of Rs 31400 and target of Rs 29000
Sell Strides Pharma Science with a stop loss of Rs 431 and target of Rs 410Disclaimer: 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.