The market continued its previous week's fall on January 28 and lost a percent as traders turned cautious ahead of January derivative contracts' expiry and Interim Budget later this week.
The 30-share BSE Sensex fell 368.84 points to 35,656.70 while the Nifty50 plunged 119.00 points to 10,661.50 and continued to form large bearish candle on the daily scale.
The sell-off in banking & financials, Auto, FMCG and Pharma stocks pulled the market sharply lower while the broader markets continued to underperform frontliners. The Nifty Midcap index was down 2.1 percent and Smallcap index declined 1.8 percent.
India VIX moved up by 6.83 percent at 18.90 levels. Sudden spike in VIX with lower Put Call Ratio indicates limited upside in the market as index has broken immediate support zones.
According to Pivot charts, the key support level is placed at 10593.5, followed by 10,525.5. If the index starts moving upward, key resistance levels to watch out are 10,767 and then 10,872.5.
The Nifty Bank index closed at 26,653.05, down 462.25 points on January 28. The important Pivot level, which will act as crucial support for the index, is placed at 26,449.27, followed by 26,245.44. On the upside, key resistance levels are placed at 26,995.57, followed by 27,338.03.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy TCS with a stop loss of Rs 1940, target of Rs 1975
Buy Tech Mahindra with a stop loss of Rs 730, target of Rs 755
Sell DHFL with a stop loss of Rs 189, target of Rs 175
Sell Indiabulls Housing Finance with a stop loss of Rs 710, target of Rs 685
Sudarshan Sukhani of s2analytics.com
Sell Vedanta with stop loss at Rs 195 and target of Rs 188
Sell Shriram Transport with stop loss at Rs 1080 and target of Rs 1025
Sell Bharat Forge with stop loss at Rs 480 and target of Rs 464
Buy Infosys with stop loss at Rs 720 and target of Rs 745
Buy Britannia Industries with stop loss at Rs 3175 and target of Rs 3200
Mitessh Thakkar of mitesshthakkar.com
Sell Bajaj Finserv with a stop loss of Rs 6180 and target of Rs 5690
Buy TCS with a stop loss of Rs 1920 and target of Rs 2020
Sell Tata Power with a stop loss of Rs 72.5 and target of Rs 68
Sell Cadila Healthcare with a stop loss of Rs 339 and target of Rs 322
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