Sudarshan Sukhani of s2analytics.com is of the view that one can sell Can Fin Homes with stop loss at Rs 348 and target of Rs 333 and also sell Ceat with stop loss at Rs 1322 and target of Rs 1262 while one can buy Godrej Consumer Products with stop loss at Rs 1155 and target of Rs 1185.
The Nifty opened at 10,789.45 on Tuesday, which was also the intraday high. The bears took control of the market in morning trade and pushed the index below its crucial support placed at its 5-day exponential moving average (EMA), 13-day EMA, and 20-day EMA.
Investors are advised to remain cautious and use rallies to short the index, with a stop above 10,830. As long as the Nifty is trading below 10,930, chances of correction will remain. The Bank Nifty continued its formation of lower highs and lower lows for the fourth session on the trot. It formed a Bearish candle on the daily chart and resistances are gradually shifting lower.
According to Pivot charts, its key support is placed at 10,677.97, followed by 10,645.43. If the index starts moving upward, key resistance levels to watch out for are 10,766.27 and 10,822.03.
The Nifty Bank index closed at 26,265.75. The important pivot level, which will act as a crucial support for the index, is placed at 26,177.7, followed by 26,089.6. Key resistance levels are placed at 26,401.0, followed by 26,536.2.
In an interview to CNBC-TV18, top market experts recommends which stocks to pick for good near term gains:
Sudarshan Sukhani of s2analytics.com
Sell Can Fin Homes with stop loss at Rs 348 and target of Rs 333
Sell Ceat with stop loss at Rs 1322 and target of Rs 1262
Buy Godrej Consumer Products with stop loss at Rs 1155 and target of Rs 1185
Buy Tata Consultancy Services with stop loss at Rs 1800 and target of Rs 1860
Buy Piramal Enterprises with stop loss at Rs 2500 and target of Rs 2650
Mitessh Thakkar of mitesshthakkar.com
Sell Biocon with a stop loss of Rs 621 and target of Rs 580
Buy GAIL India above Rs 346 with stop loss of Rs 342 for target of Rs 360
Buy Marico around Rs 333-331 with stop loss of Rs 326 for target of Rs 345
Sell UPL with a stop loss of Rs 690 and target of Rs 640
Sell Shree Cements with a stop loss of Rs 16110 and target of Rs 14950
Prakash Gaba of prakashgaba.com
Buy ITC with target at Rs 270 and stop loss at Rs 265
Sell Bank of India with target at Rs 92 and stop loss at Rs 96
Sell Steel Authority of India with target at Rs 80 and stop loss at Rs 84
Sell Sun Pharmaceutical Industries with target at Rs 546 and stop loss at Rs 566Disclaimer: 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.