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The Nifty 50 ended the volatile session sharply lower on October 9, weighed down by rupee's new low and crude volatility. The index made a bearish candle formation on the daily charts resembling a 'Bearish Engulfing' pattern.
The Nifty 50 opened sharply higher at 10,390.30 and touched an intraday high of 10,397.60, but gradually wiped out gains in morning trade itself to trade lower.
In the last hour of trade, it rebounded, but within a few minutes of trade, it caught in a bear trap again and fell sharply to hit day's low of 10,279.35. The index closed 47 points lower at 10,301 amid volatility.
India VIX fell by 1.93 percent to 19.75 levels. Overall higher volatility suggests a bear grip but a cool off in VIX with a topping out formation could form a short term bottom in the market.
According to Pivot charts, the key support level is placed at 10,254.33, followed by 10,207.67. If the index starts moving upwards, key resistance levels to watch out are 10,372.63 and 10,444.27.
The Nifty Bank index closed at 24,527.65, down 90.70 points on Tuesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,408.43, followed by 24,289.17. On the upside, key resistance levels are placed at 24,703.43, followed by 24,879.17.
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 96, target of Rs 84
Sell HPCL with a stop loss of Rs 175, target of Rs 163
Sell Godrej Industries with a stop loss of Rs 460, target of Rs 420
Buy Dr Reddy's Labs with a stop loss of Rs 2430, target of Rs 2500
Buy Aurobindo Pharma with a stop loss of Rs 760, target of Rs 785
Sudarshan Sukhani of s2analytics.com
Buy Apollo Hospitals with stop loss at Rs 1070 and target of Rs 1120
Buy Aurobindo Pharma with stop loss at Rs 740 and target of Rs 794
Buy Tata Consultancy Services with stop loss at Rs 2050 and target of Rs 2200
Sell Capital First with stop loss at Rs 462 and target of Rs 437
Sell MCX India with stop loss at Rs 685 and target of Rs 635
Mitessh Thakkar of mitesshthakkar.com
Buy Dr Reddy's Labs with stop loss of Rs 2429 and target of Rs 2515
Sell ACC with a stop loss of Rs 1482 and target of Rs 1430
Buy Zee Entertainment with a stop loss of Rs 424 and target of Rs 445
Sell Ramco Cement with a stop loss of Rs 616 and target of Rs 575
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.
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