Top buy & sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for short term

The Nifty50 after opening lower extended losses as the day progressed after the rupee hit record low of 71.96 a dollar intraday. But as the rupee showed smart recovery from day's low, the index managed to trim losses in the last hour of trade to close above 11,450 levels on Wednesday.

The Nifty50 hold on to its crucial support placed at 11,400 levels and made a bearish candle which looked like a ‘Hammer’ like pattern on daily charts.

The Nifty50 opened at 11,514.85 and managed to hit an intraday high of 11,542.65 amid volatility in the initial few minutes of trade, followed by gradual fall which dragged the index below 11,400. The index hit an intraday low of 11,393.85 but started recouping some of the losses in last hour of trade and closed 43.30 points lower at 11,477. It recovered 83 points from day's low.

The short covering or value buying seen in the last hour of trade may continue in the coming session but that may not sustain for long as short term structure of the market is still weak, experts said.

India VIX fell by 1.03 percent to 13.64. Pause in the VIX after the sharp spurt of 10 percent indicates some consolidation could be seen with support zones.

According to Pivot charts, the key support level is placed at 11,399.63, followed by 11,322.27. If the index starts moving upwards, key resistance levels to watch out are 11,548.53 and 11,620.07.

The Nifty Bank index closed at 27,376.05, down 54.70 points on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 27,172.7, followed by 26,969.3. On the upside, key resistance levels are placed at 27,542.9, followed by 27,709.7.

In an interview to CNBC-TV18, top market experts recommend which stocks to bet on for good returns:

Ashwani Gujral of ashwanigujral.com

Buy Reliance Infrastructure with a stop loss of Rs 474, target of Rs 500

Buy JSW Steel with a stop loss of Rs 394, target of Rs 412

Buy Bata India with a stop loss of Rs 1045, target of Rs 1080

Sell Idea Cellular with a stop loss of Rs 50, target of Rs 42

Sell Shriram Transport Finance Corporation with a stop loss of Rs 1275, target of Rs 1230

Sudarshan Sukhani of s2analytics.com

Buy Vedanta with a stop loss at Rs 225 and target of Rs 236

Buy United Breweries with a stop loss at Rs 1300 and target of Rs 1360

Buy Divis Laboratories with a stop loss at Rs 1260 and target of Rs 1320

Sell Shriram Transport Finance Corporation with a stop loss at Rs 1275 and target of Rs 1230

Sell Tata Communications with a stop loss at Rs 520 and target of Rs 495

Mitessh Thakkar of mitesshthakkar.com

Buy Apollo Hospitals Enterprises with a stop loss of Rs 1117 and target of Rs 1170

Buy Tata Motors above Rs 272, stop loss of Rs 265 for target of Rs 288

Sell Bharti Infratel with a stop loss of Rs 280 and target of Rs 252

Sell Hero MotoCorp with a stop loss of Rs 3180 and target of Rs 3070

Buy KPIT Technologies with a stop loss of Rs 303 and target of Rs 322

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com/CNBC-TV18 are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.