The Nifty, which started on a muted note, failed to recoup losses and extended its decline, falling to below-10,200 levels and making a strong bearish candle on the daily charts on Wednesday.
The index closed near its intraday low, which is not a good sign for the bulls, but experts feel that the index could form a short-term button soon as it emerges near its 200-days exponential moving average (DEMA) placed around 10,128.
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The Nifty formed a bearish candle for the sixth consecutive day in a row and analysts feel that it will be hard for the index to breach the 200-DEMA in a hurry.
The index, which opened at 10,232, rose marginally to hit an intraday high of 10,243. But, bears took control of the index and pulled the index lower towards 10,150 to hit its intraday low of 10,141. It closed 95 points lower at 10,154.
The Nifty futures on the Singaporean stock exchange were trading higher by around 42 points at 10,221, a rise of around 0.41 percent. This indicates that the domestic market is likely to open on a positive 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 Sell
PC Jeweller with a stop loss of Rs 332, target of Rs 315 Sell
Adani Power with a stop loss of Rs 30, target of Rs 24 Sell
Jain Irrigation Systems with a stop loss of Rs 108, target of Rs 96 Sell
South Indian Bank with a stop loss of Rs 25.5, target of Rs 22 Buy
Britannia Industries with a stop loss of Rs 4850, target of Rs 5000 Buy
Ashok Leyland with a stop loss of Rs 140, target of Rs 152 Buy
Ceat with a stop loss of Rs 1530, target of Rs 1600 Sell
Lupin with a stop loss of Rs 770, target of Rs 740
Mitessh Thakkar of miteshthacker.com Buy
Dabur India with a stop loss of Rs 319.90 and target of Rs 332 Buy
Motherson Sumi Systems with a stop loss of Rs 302 and target of Rs 324 Sell
Pidilite Industries with a stop loss of Rs 886 and target of Rs 844 Buy
Tata Chemicals with a stop loss of Rs 658 and target of Rs 710 Sell
Biocon around Rs 609 with stop loss of Rs 320 and target of Rs 586 Buy Ashok leyland with a stop loss of Rs 140.9 and target of Rs 150 Sell
ONGC with a stop loss of Rs 183 and target of Rs 174
Prakash Gaba of prakashgaba.com Sell Biocon with target at Rs 580 and stop loss at Rs 630 Sell
Ceat with target at Rs 1450 and stop loss at Rs 1575
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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