Top buy and sell ideas

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Buying Tata Consultancy Services with stop loss at Rs 2220 and target of Rs 2310 and Maruti Suzuki with stop loss at Rs 5900 and target of Rs 6350.



A strong wave of selloff enveloped the Indian equity market on September 3, dragging key indices Sensex and Nifty down by over 2 percent. Investor sentiment received a blow after official data on August 30 showed India's gross domestic product (GDP) slowing to 5 percent in April-June 2019. The GDP growth was at 8 percent in the same quarter of 2018-19.

Other than worrisome macroeconomic indicators, the rupee's fall against the dollar, weak global sentiment and sustained capital outflow of foreign funds continued weighing on market sentiment.

Nifty50 finished 225 points, or 2.04 percent down at 10,797.90, with 48 stocks in the red.

Nifty broke multiple support levels on intraday charts and closed below 10,800. The index is trading below its crucial short-term moving averages such as 20-day moving average (DMA), 5-day exponential moving (EMA), and 13-day EMA, which is not a positive sign.

According to the pivot charts, the key support level for the index is placed at 10,724.57, followed by 10,651.23. If the index starts moving upward, key resistance levels to watch out for are 10,919.37 and 11,040.83.

The Nifty Bank index closed at 26,824.15, down 2.20 percent on September 3. The important pivot level, which will act as crucial support for the index, is placed at 26,628.83, followed by 26,433.47. On the upside, key resistance levels are placed at 27,133.33 and 27,442.47.

Buy Tata Consultancy Services with stop loss at Rs 2220 and target of Rs 2310

Buy Maruti Suzuki with stop loss at Rs 5900 and target of Rs 6350

Buy Cadila Healthcare with stop loss at Rs 221 and a target of Rs 245

Sell Tata Motors with stop loss at Rs 116 and target of Rs 104

Sell Ambuja Cements around Rs 195 with a stop loss of Rs 198 and a target of Rs 187

Buy Mahanagar Gas with a stop loss of Rs 819.5 and target of Rs 848

Sell Punjab National Bank around Rs 60 with a stop loss of Rs 62.2 and target of Rs 55

Buy Escorts with a stop loss of Rs 484.9 and target of Rs 503

Buy TVS Motor with a target at Rs 375 and stop loss at Rs 350

Sell Asian Paints with a target at Rs 1550 and stop loss at Rs 1600

Sell Century Textiles with the target at Rs 800 and stop loss at Rs 842

Sell PNB with the target at Rs 50 and stop loss at Rs 62


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