The BSE Sensex closed at 32,778.14, the lowest level since December 6, 2017, down 2,919.26 points or 8.18 percent, while the Nifty50 lost 868.25 points or 8.30 percent to 9,590.15, the lowest closing level since June 30, 2017.
The Nifty50, as well as Bank Nifty, formed a large bearish candle on daily charts, indicating the weakness may continue in the coming days and considering the quantum of fall, it is difficult to find the bottom now, experts feel.
Selling was seen across sectors that fell 7-9 percent in a day, while the Nifty Midcap index plunged 8 percent and Smallcap index lost 9.5 percent.
According to the pivot charts, the key support level for Nifty is placed at 9,385.17, followed by 9,180.18. If the index moves up, key resistance levels to watch out for are 9,917.97 and 10,245.78.
The Bank Nifty closed at 23,971.20, down 2,516.60 points or 9.50 percent. The important pivot level, which will act as crucial support for the index, is placed at 23,263.96, followed by 22,556.73. On the upside, key resistance levels are placed at 24,950.76 and 25,930.33.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.comBuy Asian Paints with a stop loss of Rs 1800, target of Rs 1920
Buy Colgate Palmolive with a stop loss of Rs 1200, target of Rs 1255
Buy JSW Steel with a stop loss of Rs 190, target of Rs 215
Buy TCS with a stop loss of Rs 1700, target of Rs 1850
Buy Jubilant Foodworks with a stop loss of Rs 1450, target of Rs 1540
Mitesh Thakkar of miteshthakkar.comSell Bharat Forge with a stop loss of Rs 376 for target of Rs 350
Sell Britannia Industries with a stop loss of Rs 2840 for target of Rs 2720
Sell Lupin with a stop loss of Rs 603 for target of Rs 570
Buy DLF around Rs 150 with stop loss of Rs 146.5 for target of Rs 157
Rajat Bose of rajatkbose.comBuy Container Corp with stop loss below Rs 335 for targets of Rs 405 and Rs 436
Sell Glenmark Pharma with stop loss above Rs 207 for target of Rs 185. If it opens below RS 185 and stays there then sell with a stop loss above Rs 191 for target of Rs 176.
Buy Havells India with stop loss below Rs 550 for targets of Rs 607 and Rs 618.
Buy ITC with stop loss below Rs 140 for targets of Rs 169 and Rs 175
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.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
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