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The Nifty slipped below its crucial 50-EMA but took support at its 100-day moving average placed at 10,571. Bears have tightened their hold on D-Street, which is evident from the fact that the widely tracked Supertrend indicator gave a sell signal on the charts yesterday.
Bank Nifty continued its selling pressure and has been making lower highs - lower lows from last three trading sessions. As long as the index remains below 26,500 it could drift towards 26,100 and then 25,950 while on the upside major hurdles are seen at 26,500 then 26,750 zones.
The Nifty index opened at 10,660 and rose marginally to hit an intraday high of 10,674 but then bears took control of D-Street and took the index below 10,600 levels. The Nifty hit a low of 10,557 before closing the day at 10,589, down 82 points.
India VIX moved up by 3.24 percent at 13.95 levels. The spurt in VIX indicates that bears have taken a grip on the market and selling pressure seen even in many heavyweights stocks in line with the weakness in the global market.
According to Pivot charts, the key support level is placed at 10,539.8, followed by 10,490.5. If the index starts moving upwards, key resistance levels to watch out are 10,656.3 and 10,723.5.
The Nifty Bank index closed at 26,324.6 on Thursday. The important Pivot level, which will act as crucial support for the index, is placed at 26,161.13, followed by 25,997.67. On the upside, key resistance levels are placed at 26,487.93, followed by 26,651.27.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Sun TV with a stop loss of Rs 785, target of Rs 760
Sell BEML with a stop loss of Rs 810, target of Rs 775
Sell GSFC with a stop loss of Rs 104, target of Rs 92
Sell DCB Bank with a stop loss of Rs 166, target of Rs 154
Buy Infosys with a stop loss of Rs 1275, target of Rs 1320
Mitessh Thakkar of mitesshthakkar.com
Sell Biocon with a stop loss of Rs 630 and target of Rs 590
Sell Havells India with a stop loss of Rs 538 and target of Rs 490
Sell Interglobe Aviation around Rs 1105- 1110 with stop loss of Rs 1133 and target of Rs 1050
Buy Bata India with a stop loss of Rs 814 and target of Rs 860
Buy Muthoot Finance with a stop loss of Rs 367.4 and target of Rs 387
Prakash Gaba of prakashgaba.com
Buy Hindalco Industries with target at Rs 227 and stop loss at Rs 217
Buy Kotak Mahindra Bank with target at Rs 1370 and stop loss at Rs 1328
Sell Reliance Capital with target of Rs 378 and stop loss at Rs 396
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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