Top buy and sell ideas by Sudarshan Sukhani, Mitessh Thakkar, Prakash Gaba for short term

Prakash Gaba of prakashgaba.com recommends buying Asian Paints with the target at Rs 1620 and stop loss at Rs 1580 and Nestle India with a target at Rs 13000 and stop loss at Rs 12250

The BSE Sensex plunged 267.64 points to 37,060.37 while the Nifty 50 lost 98.30 points to close below 11,000 levels, at 10,918.70, forming a bearish candle on the daily charts.

Experts feel the bearish bias may continue in coming session also if the index breaks its August lows.

Among sectors, Nifty Metal fell most with loss of nearly 3 percent followed by Bank and FMCG which declined nearly a percent each. The correction in broader markets was quite high compared to benchmarks as the Nifty Midcap index fell 1.6 percent and Smallcap index lost 1.9 percent.

According to the pivot charts, key support level is placed at 10,872.2, followed by 10,825.7. If the index starts moving upward, key resistance levels to watch out for are 10,999.7 and 11,080.7.

Nifty Bank closed at 27,719.05, down 263.40 points on August 21. The important pivot level, which will act as crucial support for the index, is placed at 27,557.24, followed by 27,395.37. On the upside, key resistance levels are placed at 27,989.94 and 28,260.77.

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