The 30-share Sensex ended 1,203 points, or 4.08 percent, down at 28,265.31 while Nifty settled 344 points, or 4 percent, lower at 8,253.80. The BSE Midcap and Smallcap indices remained better off than the benchmarks, down 2.18 percent and 1.06 percent, respectively.
Experts highlighted that the government's announcement regarding the cut in interest rates of several schemes such as PPF, Kisan Vikas Patra, NSC and small saving certificates indicates that the fiscal deficit will rise significantly and this has made the financial sector vulnerable. Rising coronavirus cases is already keeping markets on tenterhooks.
According to the pivot charts, the key support level for Nifty is placed at 8,105.4, followed by 7,957. If the index starts moving up, key resistance levels to watch out for are 8,495.15 and 8,736.5.
Nifty Bank closed 4.89 percent down at 18,208.35. The important pivot level, which will act as crucial support for the index, is placed at 17,782.07, followed by 17,355.83. On the upside, key resistance levels are placed at 18,894.67 and 19,581.04.
In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:
Ashwani Gujral of ashwanigujral.com
Sell Kotak Mahindra Bank with a stop loss of Rs 1,200, target at Rs 1,080
Sell Tata Consultancy Services with a stop loss of Rs 1,730, target at Rs 1,660
Sell Infosys with a stop loss of Rs 615, target at Rs 570
Sell HDFC Bank with a stop loss of Rs 845, target at Rs 790
Buy Reliance Industries with a stop loss of Rs 1,060, target at Rs 1,120
Mitessh Thakkar of mitesshthakkar.com
Sell HCL Tech with a stop loss of Rs 426, target at Rs 400
Buy M&M Financial Services with a stop loss of Rs 148, target at Rs 159
Sell Infosys with a stop loss of Rs 623, target at Rs 580
Buy Bharat Electronics with a stop loss of Rs 67, target at Rs 75
Prakash Gaba of prakashgaba.com
Buy Ambuja Cement with a stop loss of Rs 150, target of Rs 170
Sell Infosys with a stop loss of Rs 620, target of Rs 570
Sell PVR with a stop loss of Rs 1,080, target of Rs 1,100
Sell SRF with a stop loss of Rs 2,710, target of Rs 2,500
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Disclaimer: The views and investment tips expressed by investment experts 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.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!