Top buy and sell idea

We  recommend buying Maruti Suzuki with target at Rs 5750 and stop loss at Rs 5450 and Reliance Industries with target at Rs 1205 and stop loss at Rs 1160.

The market started the month on a bearish note, as bears retained a tight control over Dalal Street throughout the session on August 1. The Nifty broke the psychological 11,000-mark to close at a fresh five-month low.

Selling across sectors, except Auto, dented sentiments after there was no indication from Federal Reserve Chairman Jerome Powell about a further rate cuts later in the year.

The BSE Sensex declined by 462.80 points to 37,018.32 while the Nifty50 plunged 138 points to 10,980 and formed a bearish candle on daily charts.

The market breadth has remained in favour of bears as about two shares declined for every share rising on the BSE. The Nifty Midcap and Smallcap indices fell in line with benchmarks losing over a percent each.

According to the pivot charts, the key support level is placed at 10,881.73, followed by 10,783.47. If the index starts moving upward, the key resistance levels to watch for out are 11,077.53 and 11,175.07.

The Nifty Bank closed at 28,367.25, down by 508.75 points on August 1. The important pivot level, which will act as crucial support for the index, is placed at 28,003.1, followed by 27,639.0. On the upside, key resistance levels are placed at 28,775.5, and 29,183.8.

Buy Tata Global Beverage with a stop loss of Rs 252, target of Rs 268

Buy Voltas with a stop loss of Rs 600, target of Rs 625

Buy Reliance Industries with a stop loss of Rs 1160, target of Rs 1220

Sell Bank of India with a stop loss of Rs 74, target of Rs 62

Sell Vedanta with a stop loss of Rs 149, target of Rs 137

Sell Jindal Steel & Power with a stop loss of Rs 132 and target of Rs 121

Buy Power Grid  with a stop loss of Rs 209.9 and target of Rs 222

Sell Ambuja Cements with a stop loss of Rs 202 and target of Rs 188

Sell Castrol India with a stop loss of Rs 121 and target of Rs 112

Buy Maruti Suzuki with target  at Rs 5750 and stop loss at Rs 5450

Buy Reliance Industries with target at Rs 1205 and stop loss at Rs 1160

Sell Amara Raja Batteries with target at Rs 650 and stop loss at Rs 680

Sell Infosys with target at Rs 750 and stop loss at Rs 790

MORE WILL UPDATE SOON!!