Indian equity benchmarks ended flat on September 24, mostly on profit-booking, amid uninspiring global cues, while investors assessed the impact of tax rate cut on different stocks and sectors after a two-day blockbuster rally.
The rally in equities ebbed after the two consecutive sessions of gains which saw Sensex and Nifty surging over 8 percent and investors getting richer by over Rs 10 lakh crore. While some consolidation was expected as the market is trading near peak valuations, analysts are of the view that it will offer fresh buying opportunities.
The Sensex index added just 7 points to its previous close to end at 39,097.14 on September 24, with 15 stocks up and 15 down. On the other hand, Nifty lost 12 points to settle at 11,588.20, with 22 stocks in the green and 28 in the red.
According to the pivot charts, key support level for Nifty is placed at 11,533.27, followed by 11,478.33. If the index starts moving up, key resistance levels to watch out for are 11,649.07 and 11,709.93.
The Nifty Bank closed with a loss of 1.25 percent at 30,183.10 on September 24. The important pivot level, which will act as crucial support for the index, is placed at 29,825.76, followed by 29,468.43. On the upside, key resistance levels are placed at 30,604.26 and 31,025.43.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Mitessh Thakkar of mitesshthakkar.com
Buy HDFC Bank around Rs 1245 – 1240 with stop loss below Rs 1220 for target of Rs 1300
Buy Raymond with a stop loss of Rs 579 and target of Rs 612
Buy BEML around Rs 940 with stop loss of Rs 919 and target of Rs 985
Buy SpiceJet with a stop loss of Rs 127 and target of Rs 138
Jai Bala of cashthechaos.com
Go long in Tata Consultancy Services with stop loss at Rs 1974 and target of Rs 2140
Short Tata Steel with stop loss at Rs 390 and target of Rs 290
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.
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