Mitessh Thakkar of mitesshthakkar.com recommends selling Hero MotoCorp with a stoploss of Rs 2,620 and target of Rs 2,530-2,589.10 and advises buying Reliance Industries with a stoploss of Rs 1,458 and target of Rs 1,500-1,472.30.
Despite strong support from select heavyweights such as Reliance Industries and Tata Consultancy Services, the benchmark indices slipped on the back of weak global cues and selling pressure in the banking stocks.
Weak economic data, muted global cues, and fall in the currency were the major cues which led to a sharp fall in Indian markets, suggest experts. The rupee nosedived 62 paise to hit an over two-month low of 72.09 to the US dollar on November 13.
Driven by higher food prices, India's retail inflation surged to 4.62 percent in October, breaching Reserve Bank of India's target level of 4 percent, latest price data released by the Central Statistics Office (CSO) on November 13 showed.
According to the pivot charts, key support level for Nifty is placed at 11,793.53, followed by 11,746.57. If the index starts moving up, key resistance levels to watch out for are 11,917.13 and 11,993.77.
Nifty Bank closed with a loss of 1.84 percent at 30,541.55. The important pivot level, which will act as crucial support for the index, is placed at 30,286.97, followed by 30,032.33. On the upside, key resistance levels are placed at 30,997.37 and 31,453.13.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:Ashwani Gujral of ashwanigujral.com
Buy Voltas with a stoploss of Rs 695 and for a target at Rs 720.
Buy Mahanagar Gas with a stoploss of Rs 995 and target of Rs 1,040.
Sell Indiabulls Housing Finance with a stoploss of Rs 224 and target of Rs 200.
Sell NIIT Technologies with a stoploss of Rs 1,500 and target of Rs 1,445
Sell Engineers India with a stoploss of Rs 104 and target of Rs 92.
Sudarshan Sukhani, s2analytics.com
Sell SAIL with a stoploss at Rs 39 and target of Rs 36
Sell Mindtree with a stoploss at Rs 695 and target of Rs 660
Buy RBL Bank with a stoploss at Rs 320 and target of Rs 345
Buy TVS Motor Company with a stoploss at Rs 440 and target of Rs 500
Mitessh Thakkar, mitesshthakkar.com
Sell Hero MotoCorp with a stoploss of Rs 2,620 and target of Rs 2,530-2,589.10
Buy Reliance Industries with a stoploss of Rs 1,458 and target of Rs 1,500-1,472.30.
Buy TCS with a stoploss of Rs 2,155 and target of Rs 2,240-2,178.60
Sell Ambuja Cements with a stoploss at Rs 198.55 and target of Rs 188-195.25.
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