'BUY' OR 'SELL' ideas by experts for Tuesday, December 20

NEW DELHI: Indian markets are expected to trade in a range on Tuesday tracking mixed Asian markets. However, experts believe that the overall trend remains to be on the downside but we could witness a small technical bounce back.

The BSE Sensex bounced back from day's lows and closed near its psychological support levels on Monday as buying activity emerged at lower levels in frontline stocks following some recovery in European peers.

"We saw sharp decline in almost all banking stocks yesterday. The 50-share Nifty index made low of 4560 near the indicated levels. There are no sign of bottom yet but the pace of fall that was expected after close below 4700 was not so visible," said Rakesh Gandhi, Sr Technical Analyst of LKP Securities Ltd.

"There is a high possiblity of markets becoming range bound for the next few days staying below 4850 level on the Nifty. We could see sharp declines in stock specific, just like we saw in the banking space," added Rakesh.

India's 50-stock NSE Nifty may see a relief rally from 4,530-4,540 levels, three technical analysts said. As per Elliot wave patterns and other technical studies, 4,530 may provide a good relief rally, though a bear market bottom is far away, Jai Bala, chief market technician of cashthechaos.com, said.

Sameet Chavan, technical analyst at Angel Broking, said the 4,540 level also coincides with a downward sloping trend line, joining two lows of 4,728 and 4,639.

The 14-day relative strength of Nifty is at 30, which generally signifies that the index is oversold. Nifty has fallen more than 10.5 percent from the intraday high of 5,099 made on Dec. 7.

Read more on Nifty could see relief rally from 4530-4540 onwards: Tech analysts

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ET now spoke to various experts and here's what they have to recommend for today's trade:

Ashwani Gujral of ashwanigujral. com

Mundra Port & special Economic Zone Ltd is a 'SELL' call with a target of Rs 110 and a stop loss of Rs 125

Wipro Ltd is a 'BUY' call with a target of Rs 415 and a stop loss of Rs 390

Kotak Mahindra Bank Ltd is a 'SELL' call with a target of Rs 440 and a stop loss of Rs 475

Ruchi Soya Ltd is a 'BUY' call with a target of Rs 110 and a stop loss of Rs 97

Great Eastern Shipping Company Ltd is a 'SELL' call with a target of Rs 187 and a stop loss of Rs 207

Canara Bank Ltd is a 'SELL' call with a target of Rs 365 and a stop loss of Rs 400

Mitesh Thacker of miteshthacker. com

Hindustan Unilever Ltd is a 'BUY' call with a target of Rs 415 and a stop loss of Rs 388

JSPL is a 'SELL' call with a target of Rs 465 and a stop loss of Rs 516

Bank of Baroda is a 'SELL' call with a target of Rs 620 and a stop loss of Rs 702

Divi'd Laboratories Ltd is a 'BUY' call with a target of Rs 765 and a stop loss of Rs 729

Grasim Industries Ltd is a 'BUY' call with a target of Rs 2450 and a stop loss of Rs 2350