Nifty closed 0.2 percent lower, continuing downtrend for sixth consecutive sessions. It lost 2 percent during the week. Discouraging Q3 numbers along with rising oil prices, FII outflow and uncertainty over trade war talks weighed on sentiment.
The index registered a bearish candle on daily and weekly charts, which resembles a hammer and bearish belt hold pattern, respectively.
According to Pivot charts, the key support level is placed at 10,634.6, followed by 10,544.8. If the index starts moving upward, key resistance levels to watch out are 10,800 and then 10,875.6.
The Nifty Bank index closed at 26,794.25, down 176.35 points on February 15. The important Pivot level, which will act as crucial support for the index, is placed at 26,609.63, followed by 26,425.06. On the upside, key resistance levels are placed at 27,004.33, followed by 27,214.47.
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In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Buy Divis Labs with a stop loss of Rs 1600, target of Rs 1665
Buy Reliance Industries with a stop loss of Rs 1230, target of Rs 1265
Buy Rural Electrification Corporation with a stop loss of Rs 118, target of Rs 126
Sell Raymond with a stop loss of Rs 691, target of Rs 670
Sell HPCL with a stop loss of Rs 221, target of Rs 206
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Sudarshan Sukhani of s2analytics.com
Buy Divis Labs with stop loss at Rs 1600 and target of Rs 1650
Buy HCL Tech with stop loss at Rs 1040 and target of Rs 1080
Buy Interglobe Aviation with stop loss at Rs 1130 and target of Rs 1190
Sell BEML with stop loss at Rs 785 and target of Rs 745
Sell Godrej Consumer with stop loss at Rs 670 and target of Rs 650
Mitessh Thakkar of mitesshthakkar.com
Sell Colgate Palmolive with a stop loss of Rs 1250 and target of Rs 1200
Buy HCL Tech with a stop loss of Rs 1048 and target of Rs 1080
Sell Godrej Consumer around Rs 668 with stop loss of Rs 681 and target of Rs 645
Sell Pidilite Industries below Rs 1090 with stop loss of Rs 1102 and target of Rs 1060
Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 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. First Published on Feb 18, 2019 08:23 am