Prakash Gaba of prakashgaba.com recommends selling Ashok Leyland with target at Rs 50 and stop loss at Rs 62 and Bharat Heavy Electricals with target at Rs 45 and stop loss at Rs 50.
Sensex closed the day 642 points lower at 36,481.09 while Nifty closed 186 points or 1.69 percent lower at 10,817.60. Among the 50 stocks in the Nifty index, 44 incurred losses.
Both Nifty and Nifty Bank turned negative for the calendar 2019. Nifty Bank index closed 723 points or 2.60 percent down at 27,131.75. India VIX climbed 7.12 percent to 16.02 level.
Nifty formed a bearish belt hold candle on the daily chart and has also broken its rising support trend line by connecting swing lows of 10,637, 10,746 then 10,880 levels. Experts feel the sentiments are expected to remain weak and if index remains below 10,880 levels then the weakness could continue in coming sessions.
According to the pivot charts, key support level for Nifty is placed at 10,742.7, followed by 10,667.8. If the index starts moving up, key resistance levels to watch out for are 10,946.3 and 11,075.
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