The Nifty formed a bearish candle on the daily charts but made a Bearish Belt Hold kind of pattern on the weekly charts which suggest that the pain may not be over.
A ‘Bearish Belt Hold’ pattern is formed when the opening price for the week becomes the highest point of the week and the index declines throughout the trading week making up for the large body. The candle will either have a small or no upper shadow and small lower shadow.
On Friday, the index opened at 10,271 and rose marginally to hit an intraday high of 10,296. But bears soon took control and pushed the index towards 10,200 to hit an intraday low of 10,211. It closed 15 points lower at 10,226.85.
The Nifty futures on the Singaporean stock exchange were trading higher by around 125 points at 10,338, a rise of around 1.22 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
Buy Tech Mahindra with a stop loss of Rs 614, target of Rs 635
Buy Tata Consultancy Services with a stop loss of Rs 3000, target of Rs 3150
Sell Hindalco Industries with a stop loss of Rs 225, target of Rs 200
Sell Axis Bank with a stop loss of Rs 510, target of Rs 490
Sell Sun Pharmaceutical Industries with a stop loss of Rs 512, target of Rs 490
Sell Canara Bank with a stop loss of Rs 235, target of Rs 220
Sell Punjab National Bank with a stop loss of Rs 97, target of Rs 90
Buy ITC with a stop loss of Rs 256, target of Rs 272
Mitessh Thakkar of miteshthacker.com
Buy Jubilant Foodworks with a stop loss of Rs 2039 and target of Rs 2115
Buy Bajaj Finance with a stop loss of Rs 1636 and target of Rs 1695
Buy Tech Mahindra with a stop loss of Rs 610 and target of Rs 640
Buy TV18 Broadcast above Rs 63.25 with stop loss of Rs 61.9 and target of Rs 67
Sell UltraTech Cement below Rs 4050 with stop loss of Rs 4100 and target of Rs 3960
Buy TCS with a stop loss of Rs 3044 and target of Rs 3150
Prakash Gaba of prakashgaba.com
Sell Bank of Baroda with target at Rs 125 and stop loss at Rs 135
Sell Biocon with target at Rs 580 and stop loss at Rs 610
HCL Tech can climb to around Rs 985, keep stop loss at Rs 950
Bank of India can slide to around Rs 90, keep stop loss at Rs 98
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd
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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