Moneycontrol News
After a flat open and rangebound trade for the most part of the day, the Nifty50 closed mildly lower Wednesday. This was after the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 6.5 percent while keeping the policy stance neutral.
The fall in the market is on account of mild profit booking after rising 400-points in the previous four consecutive sessions. The index formed 'Spinning Top' kind of pattern on the daily candlestick charts.
Overall it was a volatile session for the market. The Nifty50 after flat opening at 11,359.80 traded higher and hit fresh intraday record high of 11,390.55, but the rally gradually fizzled out in late morning deals amid rangebound trade and hit an intraday low of 11,313.55 after the RBI monetary policy announcement. The index closed 10.30 points lower at 11,346.20.
According to Pivot charts, the key support level is placed at 11,309.63, followed by 11,273.07. If the index starts moving upwards, key resistance levels to watch out are 11,386.63 and 11,427.07.
The Nifty Bank index closed at 27,596.60, down 167.55 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 27,442.94, followed by 27,289.27. On the upside, key resistance levels are placed at 27,785.24, followed by 27,973.87.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Sonata Software with a stop loss of Rs 350, target of Rs 364
Buy Bata India with a stop loss of Rs 935, target of Rs 960
Sell Tata Global Beverage with a stop loss of Rs 240, target of Rs 225
Sell Hindalco Industries with a stop loss of Rs 212, target of Rs 198
Sudarshan Sukhani of s2analytics.com
Buy Granules India with a stop loss at Rs 99 and target of Rs 106
Buy NIIT Tech with a stop loss at Rs 1220 and target of Rs 1280
Buy Voltas with a stop loss at Rs 560 and target of Rs 580
Buy Hindustan Zinc with a stop loss at Rs 273 and target of Rs 285
Sell Zee Entertainment with a stop loss at Rs 531 and target of Rs 520
Mitessh Thakkar of mitesshthakkar.com
Buy KPIT Technologies with a stop loss of Rs 301 and target of Rs 320
Buy Sun Pharmaceutical Industries with a stop loss of Rs 564 and target of Rs 595
Sell Colgate Palmolive with a stop loss of Rs 1136 and target of Rs 1090
Buy IDBI Bank with a stop loss of Rs 60.5 and target of Rs 65
Sell Bajaj Auto with a stop loss of Rs 2710 and target of Rs 2625
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!
