Ashwani Gujral of ashwanigujral.com recommends buying Yes Bank with a stop loss of Rs 387, target of Rs 405, Indraprastha Gas with a stop loss of Rs 268, target of Rs 284 and Reliance Industries with a stop loss of Rs 1090, target of Rs 1140.
After a positive start, the Nifty50 traded in a range of 70 points throughout the session and closed mildly lower Thursday, forming a bearish candle on the daily charts.
The index remained below its psychological 11,000-mark and registered a bearish candle for the second consecutive session today. Not only frontline but also Nifty Midcap index ended lower for the second day in a row, losing 0.7 percent. In fact, all sectoral indices closed in the red except FMCG.
The current rangebound trade indicated the market eagerly awaits more corporate earnings data to get direction on either side by breaking the range of 10,925-11,080 levels, experts said.
The 50-share NSE Nifty opened higher at 10,999.50 and hit an intraday high of 11,006.50, but immediately wiped out those gains to trade in a tight range of 70 points. The index touched day's low of 10,935.45, before closing 23.40 points lower at 10,957.10.
According to Pivot charts, the key support level is placed at 10,926.23, followed by 10,895.37. If the index starts moving upwards, key resistance levels to watch out are 10,997.23 and 11,037.37.
The Nifty Bank index closed at 26,789.65, down 91.25 points on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,671.4, followed by 26,553.1. On the upside, key resistance levels are placed at 26,966.7, followed by 27,143.7.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Prakash Gaba of prakashgaba.com
Buy Reliance Industries with target at Rs 1135 and stop loss at Rs 1095
Buy L&T Finance Holdings with target at Rs 156 and stop loss at Rs 148
Buy Titan Company with target at Rs 900 and stop loss at Rs 850
Sell Jain Irrigation Systems with target at Rs 70 and stop loss at Rs 76
Mitessh Thakkar of mitesshthakkar.com
Buy Kaveri Seed Company with a stop loss of Rs 556 and target of Rs 590
Sell Larsen & Toubro with a stop loss of Rs 1280 and target of Rs 1215
Sell Hexaware Technologies with a stop loss of Rs 492 and target of Rs 470
Sell Pidilite Industries with a stop loss of Rs 1060 and target of Rs 1018
Sell JSW Steel around Rs 306 with stop loss of Rs 312 for target of Rs 293
Ashwani Gujral of ashwanigujral.com
Buy Yes Bank with a stop loss of Rs 387, target of Rs 405
Buy Indraprastha Gas with a stop loss of Rs 268, target of Rs 284
Buy Reliance Industries with a stop loss of Rs 1090, target of Rs 1140
Sell Dr Reddy's Labs with a stop loss of Rs 2050, target of Rs 1990
Sell Jain Irrigation Systems with a stop loss of Rs 77, target of Rs 69
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