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:
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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
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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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