Moneycontrol News
After a flat market opening, bears took charge of Dalal Street in the morning trade and tightened their grip as the day progressed Monday. The Nifty50 broke psychological 11,000-mark and closed near day's low on account of profit booking after a more than 2 percent rally seen last week, forming 'Bearish Belt Hold' pattern on the daily chart.
The Nifty50 after opening flat caught into bear trap and hit an intraday low 10,926.25. The index remained sharply lower throughout the session and closed 82 points lower at 10,936.90.
According to Pivot charts, the key support level is placed at 10,902.17, followed by 10,867.53. If the index starts moving upwards, key resistance levels to watch out are 10,995.47 and 11,054.13.
The Nifty Bank index closed at 26,679.80, down 256 points on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 26,569.43, followed by 26,459.07. On the upside, key resistance levels are placed at 26,864.63, followed by 27,049.46.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell SREI Infra with a stop loss of Rs 60, target of Rs 52
Sell Jain Irrigation Systems with a stop loss of Rs 80, target of Rs 72
Sell Wockhardt with a stop loss of Rs 600, target of Rs 575
Buy ITC with a stop loss of Rs 267, target of Rs 281
Buy Indraprastha Gas with a stop loss of Rs 259, target of Rs 273
Sudarshan Sukhani of s2analytics.com
Sell Coal India with a stop loss at Rs 264 and target of Rs 255
Sell DLF with a stop loss at Rs 181 and target of Rs 172
Sell Hindustan Zinc with a stop loss at Rs 272 and target of Rs 263
Buy IGL with a stop loss at Rs 259 and target of Rs 272
Buy Nestle India with a stop loss at Rs 10100 and target of Rs 10700
Mitessh Thakkar of mitesshthakkar.com
Sell Dabur India below Rs 365 with stop loss of Rs 370 and target of Rs 354
Sell Dewan Housing Finance with a stop loss of Rs 600 and target of Rs 565
Buy GAIL India with a stop loss of Rs 349 and target of Rs 370
Buy Hero MotoCorp with a stop loss of Rs 3404 and target of Rs 3490
Sell JSW Steel below Rs 307 with stop loss of Rs 316 and target of Rs 285
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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