Bulls failed to maintain their hold on markets on November 14 and ended the day flat. The index formed a bearish candle resembling a ‘Hanging Man’ on the daily charts.
The index reversed gains after hitting levels between 10,600-10,650 for the fifth consecutive day in a row and now a close above 10,650-10,700 is required for bulls to regain control over D-Street. On the other hand, a close below 10,550-10,532 could take the index lower towards 10,440 levels suggest experts.
Even though the market might be giving mixed signals, experts suggest investors stay long on the index with a stop below 10,440 levels. The index formed a Piercing patter in Tuesday's session which suggested bulls might regain control of D-Street, but the formation of a bearish candle might have now negated the positive pattern.
India VIX move up by 0.67 percent at 18.82 levels. 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 10,522.13, followed by 10,467.97. If the index starts moving upwards, key resistance levels to watch out are 10,641.03 and then 10,705.77.
The Nifty Bank index closed at 25,930.2 on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 25,809.57, followed by 25,688.93. On the upside, key resistance levels are placed at 26,047.97, followed by 26,165.73.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Kotak Mahindra Bank with a stop loss of Rs 1140, target of Rs 1100
Sell TCS with a stop loss of Rs 1895, target of Rs 1840
Buy UPL with a stop loss of Rs 755, target of Rs 780
Buy Bank of Baroda with a stop loss of Rs 108, target of Rs 120
Buy Hindustan Unilever with a stop loss of Rs 1700, target of Rs 1750
Sudarshan Sukhani of s2analytics.com
Buy ACC with stop loss at Rs 1450 and target of Rs 1550
Buy MRF with stop loss at Rs 65100 and target of Rs 66400
Buy IndusInd Bank with stop loss at Rs 1490 and target of Rs 1580
Sell Mindtree with stop loss at Rs 860 and target of Rs 800
Sell Coal India with stop loss at Rs 269 and target of Rs 259
Mitessh Thakkar of mitesshthakkar.com
Buy Apollo Hospitals with a stop loss of Rs 1149 and target of Rs 1210
Sell Lupin below Rs 835 with stop loss of Rs 850 and target of Rs 806
Buy Marico with a stop loss of Rs 342.5 and target of Rs 358
Buy Maruti Suzuki with a stop loss of Rs 7289 and target of Rs 7540
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!