The Nifty formed a bearish candle for the third consecutive session in a row to break below its crucial support placed at 10,276 which was the intraday low formed on February 6, 2018. The index hit the lowest level in 2018 after falling 1 percent in trade.
As long as the banking space remains under pressure, Nifty is unlikely to see a steep rise. If the index spends more time consolidating below 10,300 there could be a possibility of a breakdown of 200-DMA placed around 10,060, suggest experts.
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The last hour selling in markets, weakened bulls control on D-Street, which was largely led by a selloff in banking space. The NiftyPSU index closed 2.8 percent lower, while Nifty Bank ended 1.4 percent down at 24,448.45.
According to Pivot charts, the key support level is placed at 10,162.97, followed by 10,076.73. If the index starts to move higher, key resistance levels to watch out are 10,388.37 and 10,527.53.
The Nifty Bank closed at 24,448.4. Important Pivot level, which will act as crucial support for the index, is placed at 24,193.6, followed by 23,938.8. On the upside, key resistance levels are placed at 24,871.7, followed by 25,295.
The Nifty futures on the Singaporean stock exchange were trading lower by around 6 points at 10,226, a fall of around 0.06 percent. This indicates that the domestic market is likely to open on a negative note.
Moneycontrol.com has collated a list of trading ideas from top market experts which one can take cues for better returns:
Ashwani Gujral of ashwanigujral.com
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Sell Union Bank of India with a stop loss of Rs 100, target of Rs 88
Sell Bank of India with a stop loss of Rs 106, target of Rs 94
Sell Canara Bank with a stop loss of Rs 272, target of Rs 258
Sell ICICI Bank with a stop loss of Rs 300, target of Rs 285
Buy Biocon with a stop loss of Rs 625, target of Rs 650
Sell Adani Enterprises with a stop loss of Rs 184, target of Rs 172
Sell Reliance Capital with a stop loss of Rs 440, target of Rs 425
Buy Hexaware Tech with a stop loss of Rs 348, target of Rs 365
Mitessh Thakkar of miteshthacker.com
Sell CESC below Rs 973 with stop loss of Rs 988 and target of Rs 940
Sell HDFC Bank with a stop loss of Rs 1857 and target of Rs 1820
Buy Motherson Sumi Systems around Rs 305-303 with stop loss of Rs 297.50 and target of Rs 320
Sell Petronet LNG with a stop loss of Rs 239.50 and target of Rs 221
Sell Wockhardt with a stop loss of Rs 802 and target of Rs 740
Sell SRF with a stop loss of Rs 1850 for target of Rs 1780
Sell ONGC with a stop loss of Rs 188 for target of Rs 174
Prakash Gaba of prakashgaba.com
Sell Axis Bank with target at Rs 500 and stop loss at Rs 526
Sell Bank of Baroda with target at Rs 130 and stop loss at Rs 140
Sandeep Wagle of powermywealth.com
Sell Nalco with a stop loss at Rs 63 for target at Rs 54
Sell Adani Enterprises with a stop loss at Rs 183 for target at Rs 171
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com 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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