Ashwani Gujral of ashwanigujral.com recommends buying Ashok Leyland with a stop loss of Rs 138, target of Rs 150 and a buy on Titan Company with a stop loss of Rs 888, target of Rs 1020 while he advises selling Bank of India with a stop loss of Rs 100, target of Rs 92.
The Nifty50 closed below its crucial support level of 10,000 levels for the first time since October 11, 2017, which does not auger well for the bulls. However, technical chartists suggest that the downside still remains fairly limited and investors should avoid making fresh short positions.
The Nifty50 which opened at 9968 reclaimed its crucial support level of 10,000 to hit its intraday high of 10,027 but then bears took control of the index and pushed the index to its intraday low of 9951. It closed 116 points lower at 9998.
India VIX move up by 1.93 percent at 15.54 while CBOE VIX at the US has rallied by more than 30 percent in the last 2-3 sessions. On the options front, maximum Put open interest is placed at 10000 followed by 9900 strikes while maximum Call open interest is at 10500 followed by 10200 and 10400 strikes.
According to Pivot charts, the key support level is placed at 9,957.4, followed by 9,916.75. If the index starts moving upwards, key resistance levels to watch out are 10,033.2 and 10,068.35.
The Nifty Bank index closed at 23,670.4 on Friday. The important Pivot level, which will act as crucial support for the index, is placed at 23,585.23, followed by 23,500.06. On the upside, key resistance levels are placed at 23,775.93, followed by 23,881.47.
The Nifty futures on the Singaporean stock exchange were trading lower by around 37 points at 10,035, a fall of around 0.37 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
Buy Ashok Leyland with a stop loss of Rs 138, target of Rs 150
Buy Titan Company with a stop loss of Rs 888, target of Rs 1020
Sell Bank of India with a stop loss of Rs 100, target of Rs 92
Sell Canara Bank with a target of Rs 235
Sell Vedanta with a stop loss of Rs 280, target of Rs 266
Mitessh Thakkar of miteshthacker.com
Sell GSFC with a stop loss of Rs 120 for target of Rs 110
Buy Asian Paints with a stop loss of Rs 1095 and target of Rs 1144
Sell Piramal Enterprises with a stop loss of Rs 2440 and target of Rs 2315
Sell Raymond with a stop loss of Rs 905 and target of Rs 860
Sell Andhra Bank with a stop loss of Rs 41.2 and target of Rs 37.5
Prakash Gaba of prakashgaba.com
Sell Andhra Bank with target at Rs 38 and stop loss at Rs 40.50
Sell Fortis Healthcare with target at Rs 130 and stop loss at Rs 150