Mitessh Thakkar of mitesshthakkar.com suggests selling Bata India with a stop loss of Rs 910 and target of Rs 860 and advises buying Federal Bank with a stop loss of Rs 78.5 and target of Rs 86.
The market corrected sharply for the second trading session in a row on October 19, with the Sensex falling more than 450 points as bears further tightened their grip on Dalal Street. Reliance's mixed Q2 earnings, liquidity crisis in NBFCs, H1-B visa issue and weak global cues weighed on the market.
The Nifty 50 opened sharply lower at 10,339.70 and extended sell-off as the day progressed. It hit an intraday low of 10,249.60 in the afternoon, followed by a bit of recovery in the last hour of trade. The index closed 149.50 points lower at 10,303.50.
The Nifty 50 formed the small bearish candle (as the gap between opening and closing price was only 36 points), which resembles a "Spinning Top" kind of indecisive pattern.
India VIX moved up by 10.05 percent at 19.78. A spurt in volatility after the dips of the last few sessions suggests that upside could be restricted again in the market.
According to Pivot charts, the key support level is placed at 10,242.03, followed by 10,180.57. If the index starts moving upwards, key resistance levels to watch out are 10,372.53 and then 10,441.57.
The Nifty Bank index closed at 25,085.80, down 102.80 points. The important Pivot level, which will act as crucial support for the index, is placed at 24,913.04, followed by 24,740.27. On the upside, key resistance levels are placed at 25,268.24, followed by 25,450.67.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Federal Bank with a stop loss of Rs 79, target of Rs 86
Buy Kotak Mahindra Bank with a stop loss of Rs 1185, target of Rs 1230
Sell Tata Motors DVR with a stop loss of Rs 98, target of Rs 92
Sell India Cements with a stop loss of Rs 92, target of Rs 84
Sell IRB Infra with a stop loss of Rs 124, target of Rs 112
Sudarshan Sukhani of s2analytics.com
Sell Shree Cements with stop loss at Rs 15400 and target of Rs 14800
Sell ICICI Prudential Life Insurance with stop loss at Rs 334 and target of Rs 320
Sell Coal India with stop loss at Rs 280 and target of Rs 270
Buy BPCL with stop loss at Rs 272 and target of Rs 295
Buy Jubilant Foodworks with stop loss at Rs 1220 and target of Rs 1335
Mitessh Thakkar of mitesshthakkar.com
Sell Bata India with a stop loss of Rs 910 and target of Rs 860
Buy Federal Bank with a stop loss of Rs 78.5 and target of Rs 86
Sell Hero MotoCorp with a stop loss of Rs 2741 and target of Rs 2650
Buy NHPC with a stop loss of Rs 23.85 and target of Rs 25.5Disclaimer: 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.