'BUY' or 'SELL' ideas from experts for Thursday, May 10

NEW DELHI: Indian shares are expected to trade rangebound with a downward bias on Thursday, tracking mixed Asian markets. Technical chart patterns indicate 4,920-4,940 will act as a strong support on the Nifty, while on the flip side 5,050 will act as a strong resistance level.

Investors should use the downward correction in the market to cherry pick, analysts said.

“The Nifty has formed a bearish island between 5,344 and 5,338 and a bearish triangular pattern, which will act as a very crucial resistance on the way up. The Nifty is now expected to move down till the 78.6% retracement mark of the previous rally, i.e. 4,771 and below,” a Sharekhan report said.

“Investors would do well to pick stocks of their choice as they are available at attractive prices at current levels. We will see some kind of a rally in the market in the first and second weeks of June,” Alok Churiwala, MD of Churiwala Securities, said.

Ashish Chaturmohta, Vice President, Derivatives & Technical Analyst, IIFL Private Wealth Management, is of the view that if the Nifty futures break below 4,960, it may witness intense selling towards the 4,860-4,820 levels.

"On the upside, 5,130 would act as an important resistance where it seeks its 200-day moving average, sustaining above it could result in some short covering," Chaturmohta said.

Important results today:

ABB Ltd, Apollo Tyres Ltd, Asian Hotels Ltd, Cadila Healthcare Ltd, Cipla Ltd, Escorts Ltd, Jain Irrigations Ltd, Jubilant FoodWorks Ltd, Lupin Ltd, NTPC Ltd, Prism Cements Ltd, Sintex Industries Ltd, Usha Martin Ltd and Ricoh India Ltd.

Click here for Views & Recommendations

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

Ashwani Gujral of ashwanigujral. com

Cipla Ltd is a ‘BUY’ call with a target of Rs 337 and a stop loss of Rs 316

Emami Ltd is a ‘BUY’ call with a target of Rs 495 and a stop loss of Rs 470

Aurobindo Pharma Ltd is a ‘SELL’ call with a target of Rs 100 and a stop loss of Rs 123

JSPL Ltd is a ‘SELL’ call with a target of Rs 440 and a stop loss of Rs 484

Essar Oil Ltd is a ‘SELL’ call with a target of Rs 45 and a stop loss of Rs 53

Tata Steel Ltd is a ‘SELL’ call with a target of Rs 395 and a stop loss of Rs 426

Sandeep Wagle, Founder & MD, APTART Technical Advisory Services

M&M Ltd is a ‘SELL’ call with a target of Rs 632 and a stop loss of Rs 670

United Spirits Ltd is a ‘SELL’ call with a target of Rs 630 and a stop loss of Rs 660

Coal India Ltd is a ‘SELL’ call with a target of Rs 308 and a stop loss of Rs 339

Apollo Hospitals Ltd is a ‘BUY’ call with a target of Rs 670 and a stop loss of Rs 625

Brokerage Calls:

BofA-ML maintains ‘underperform’ rating in IDFC and cuts its target price to Rs 122

BofA-ML raises Glenmark’s target to Rs 400, maintains ‘BUY’

BofA-ML raises Union Bank of India’s target price to Rs 200, maintains ‘underperform’

BofA-ML raises Ranbaxy’s target price to Rs 485, maintains ‘underperform’

Daiwa downgrades Lupin to ‘Hold’ with a target price of Rs 541

Daiwa downgrades Ranbaxy Labs to ‘Sell’, with a target price of Rs 421

RBS upgrades Bharti Airtel to ‘BUY’ with a target price of Rs 347

(The views and recommendations expressed in this section are the analysts' and do not represent those of EconomicTimes.com)