Moneycontrol News
The market started off the week on a negative note with the Nifty 50 losing all its opening gains in the morning trade and closing sharply lower amid volatility despite strong global cues on October 22.
Monday's intraday price action is clearly favouring the bears as two attempts by the bulls, during the course of the day, succumbed to the pressures of bears who succeeded in pushing the indices to much lower levels, experts said.
The index closed below the psychological 10,300 levels and formed large bearish candle which resembles a 'Bearish Belt Hold' kind of pattern on the daily charts.
The Nifty 50 saw a strong gap opening at 10,405.85, but erased all gains in the morning and turned volatile. The index then slipped into the red in last hour of trade to hit an intraday low of 10,224. It closed below the immediate support levels, down 58.20 points lower at 10,245.30.
India VIX moved up by 7.87 percent to 21.34. The spurt in volatility suggests upside could be restricted. Recent high of VIX is at 21.76 and above that it could even head towards 24 levels.
According to Pivot charts, the key support level is placed at 10,176.63, followed by 10,108.07. If the index starts moving upwards, key resistance levels to watch out are 10,361.13 and then 10,477.07.
The Nifty Bank index closed at 25,078.60, down 7.20 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 24,898.34, followed by 24,718.07. On the upside, key resistance levels are placed at 25,381.84, followed by 25,685.07.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Apollo Hospitals with a stop loss of Rs 1120, target of Rs 1160
Buy Colgate Palmolive with a stop loss of Rs 1110, target of Rs 1155
Sell BPCL with a stop loss of Rs 275, target of Rs 260
Sell Indian Bank with a stop loss of Rs 223, target of Rs 208
Sell Vodafone Idea with a stop loss of Rs 37, target of Rs 30
Sudarshan Sukhani of s2analytics.com
Buy Apollo Hospitals with stop loss at Rs 1120 and target of Rs 1180
Buy HDFC Bank with stop loss at Rs 1980 and target of Rs 2040
Sell Bharat Forge with stop loss at Rs 565 and target of Rs 535
Sell Dalmia Bharat with stop loss at Rs 2050 and target of Rs 1850
Sell Ujjivan Financial with stop loss at Rs 230 and target of Rs 214
Mitessh Thakkar of mitesshthakkar.com
Sell Bajaj Finance with a stop loss of Rs 5306 and target of Rs 5100
Sell Karnataka Bank below Rs 95.5 with stop loss of Rs 97.25 for target of Rs 91
Sell Canara Bank with a stop loss of Rs 216.5 and target of Rs 200
Buy Apollo Hospitals above Rs 1140 with stop loss of Rs 1124 for target of Rs 1170
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
