rewrite this title and make it good for SEOBuy or Sell: 2 top stock recommendations from Sneha Seth

“As far as supports are concerned for Nifty, I believe there is a support around 22,200 followed by 22,000 which is the support zone for Nifty,” says Sneha Seth, Angel One.It is just a deep sea of red across the screen and both the benchmark indices are not holding up well. Which are the next support levels as per you?Sneha Seth: If you look at the market, yes, we have seen decent correction. If you see the rollovers for last series, the rollovers were quite decent. In fact, I believe decent amount of shorts have been rolled over to the market. FIIs long-short ratio is also around 16, which clearly indicates that it is in the oversold territory and until we do not see any buying interest from FIIs in the future segment or in equity segment, the market may continue to be in pressure only. As far as supports are concerned for Nifty, I believe there is a support around 22,200 followed by 22,000 which is the support zone for Nifty.

At this point in time, Nifty has been trading around the good support zone around 89 EMA on the weekly chart. So, from here onwards, it is very important to see how things shape up.

And if Nifty is holding 22,000, then there are chances that any recovery at least above 22,500, 22,700. If we reclaim those levels on a closing basis, then only we may see some buying interest coming in. Otherwise, chances are that market may continue to consolidate. As far as banking index is concerned, again, there is a support zone around 47,800, 48,000, that is the support zone for this particular index and on the higher side, I believe the resistance is placed around 49,000, 49,200, that is the resistance zone.I was amazed you said consolidation because half of us who are actually seeing the screen is looking a pretty deep correction coming in for the market, especially the broader markets. They are getting smoked. There was one or two days of outperformance and we are expecting that maybe things are settling, look brighter, but that has not been the case. It is slumping. And as we speak, 3% downtick coming in for the smallcap index.Sneha Seth: So, if we look at the individual counters, I believe there are a few counters which is a buy even. For me, I guess, Coal India, which is again in green today, this counter if we look, the chart structure looks quite interesting. The counter is precisely taking support near the 61.8% retracement on the chart structure. And I believe looking at the chart structure, there are chances this counter may show some further strength. So, I believe if anyone wants to go ahead and long any counter, Coal India would be the preferred pick from my end. This counter has been trading about 20 DMA today, so that is quite interesting. I believe one can go ahead and long this counter if you want at current levels as well, with a strict stop loss of around 360 and the target expected will be around 390.

Sell call from my end would be IndusInd Bank. This counter if we see, the counter has corrected nearly 5% today. The counter was anyways consolidating in a very narrow range from quite some time wherein the 89 EMA on the daily chart was acting as a resistance.

So, I believe the support zone which was placed around 1000-1010 should now be acting as a resistance. So, I would suggest selling this counter with a strict stop loss around 1020 and the target expected will be around 940.

Some of these new F&O entrants from the likes of Tata Tech, IREDA, case being NBCC and even Torrent Power, at least these are the four counters what I am seeing is that just on the first day itself, definitely not a great day to start and well of course we are seeing deeper shades of red there. Any particular stock that is standing out for you right now in terms of the technical setup where there could be a likely bounce back or you wish to flag off that more weakness could trickle in?Sneha Seth: As of now, I would say one should be wait and be very selective. And from all those Coal India is the one which I would prefer and ONGC is the counter which I would prefer. Otherwise, I would say that stay light for now and just be very selective for now.