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The Indian market wiped out morning gains and witnessed an intraday movement of nearly 200 points on November 12. The Nifty took support at its 13-days exponential moving average (EMA) placed around 10,455 and formed a strong bearish candle on the daily charts.
The index breached its 5-EMA on the downside, bounced back from 13-EMA but failed to close above 10,500 levels. The next crucial support for the index is placed at 10,440. A close below this level could take the index towards 10,132 levels, suggest experts.
The index formed a Hanging Man kind of pattern in the previous trading session and formation of a bearish candle on Monday confirms the formation of an intermediate top. The index is witnessing selling pressure in the range of 10600-10650.
India VIX move up sharply by 9.05 percent at 19.36 levels. The spurt in volatility after the decline of the last two weeks suggests bears are putting pressure at higher zones. VIX has to cool down below 16 zones to get the next leg of smooth upside rally in the market.
According to Pivot charts, the key support level is placed at 10,415.63, followed by 10,349.07. If the index starts moving upwards, key resistance levels to watch out are 10,597.13 and then 10,712.07.
The Nifty Bank index closed at 25,539.8 on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 25,387.53, followed by 25,235.27. On the upside, key resistance levels are placed at 25,799.63, followed by 26,059.46.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Tata Global Beverage with a stop loss of Rs 209, target of Rs 225
Buy Jubilant Foodworks with a stop loss of Rs 1080, target of Rs 1140
Sell Arvind with a stop loss of Rs 316, target of Rs 302
Sell Hero MotoCorp with a stop loss of Rs 2870, target of Rs 2750
Sell Tata Motors DVR with a stop loss of Rs 104, target of Rs 92
Sudarshan Sukhani of s2analytics.com
Buy Aurobindo Pharma with stop loss at Rs 770 and target of Rs 810
Buy United Spirits with stop loss at Rs 625 and target of Rs 655
Sell Bank of Baroda with stop loss at Rs 111 and target of Rs 105
Sell Indian Bank with stop loss at Rs 228 and target of Rs 210
Sell Jet Airways with stop loss at Rs 250 and target of Rs 230
Mitessh Thakkar of mitesshthakkar.com
Sell Eicher Motors with a stop loss of Rs 22300 and target of Rs 21000
Buy Cummins India with a stop loss of Rs 779 and target of Rs 835
Sell Hindustan Zinc with a stop loss of Rs 268.25 and target of Rs 252
Buy ICICI Bank around Rs 348 with stop loss of Rs 340 and target of Rs 365
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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