Mitesh Thacker of miteshthakkar.com suggests buying Havells India with a stop loss of Rs 556 and target of Rs 585 and Reliance Industries with a stop loss of Rs 1014 and target of Rs 1090.
The Nifty50 which started on a mildly positive note failed to gain momentum seen in previous three consecutive sessions and closed flat on Wednesday. This as despite sharp weakness in global peers after the United States issued a new list of Chinese products worth USD 200 billion for potential 10 percent tariffs.
The 50-share NSE Nifty index formed an indecisive pattern known as 'Doji' on the daily candlestick charts, which also resembles 'Spinning Top’ kind of pattern.
The Nifty50 after opening at 10,956.40 traded in a range of 54 points (10,976.65-10,923.00) before closing 1 points higher at 10,948.30.
This can be a healthy pause after a three-day gains but the index needs to close above 10,976 levels (which was today's intraday low) to resume upward trajectory and reclaim 11,100 levels, experts said.
India VIX moved up by 3.06 percent at 12.77 levels. Spurt in VIX after the decline of last five sessions have given a pause in positive momentum.
According to Pivot charts, the key support level is placed at 10,921.97, followed by 10,895.63. If the index starts moving upwards, key resistance levels to watch out are 10,975.67 and 11,003.03.
The Nifty Bank index closed at 26,816.20, down 78.35 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 26,747.59, followed by 26,679. On the upside, key resistance levels are placed at 26,911.79, followed by 27,007.40
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Divi's Labs with a stop loss of Rs 1100, target of Rs 1165
Buy Kotak Mahindra Bank with a stop loss of Rs 1370, target of Rs 1420
Buy Godrej Consumer Products with a stop loss of Rs 1300, target of Rs 1365
Sell Union Bank of India with a stop loss of Rs 81, target of Rs 73
Sell Tata Motors DVR with a stop loss of Rs 158, target of Rs 146
Sudarshan Sukhani of s2analytics.com
Buy Voltas with stop loss at Rs 530 and target of Rs 560
Buy Jubilant Foodworks with a stop loss at Rs 1410 and target of Rs 1470
Buy UltraTech Cement with a stop loss at Rs 3900 and target of Rs 4050
Sell Tata Steel with a stop loss at Rs 565 and target of Rs 535
Sell Tata Motors with a stop loss at Rs 273 and target of Rs 258
Mitesh Thacker of miteshthakkar.com
Buy Havells India with a stop loss of Rs 556 and target of Rs 585
Sell United Spirits with a stop loss of Rs 631 and target of Rs 595
Buy Reliance Industries with a stop loss of Rs 1014 and target of Rs 1090
Sell Motherson Sumi Systems with a stop loss of Rs 298 and target of Rs 280
Buy Ipca Laboratories with a stop loss of Rs 707 and target of Rs 765
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