NSE Nifty could breach 11,000 level as per Rajesh Palviya, Head – Technical and Derivative Research, Axis Securities and he feels that decline in Indian market is mainly due to weak signs about Indian economy and not just coronavirus. Investors know that coronavirus is just a temporary phenomenon but Indian economy is facing bigger challenges. Unless the government takes concrete measures to revive economy and improve macro-economic conditions, markets could stay below 12,000 levels.

In an interview with MoneyControl, Palviya said, “Frankly, looking at the pace of selloff, it is still difficult to take a view at which level market will hold the support, as the derivative data is changing every day very fast based on the major supports are taken out on daily basis.”

Palviya suggested BUY CALL for Dabur India, United Spirits, India Cements and Granules India.

Granules India: It has made a new all-time high last week after breaking out from the multi-month declining trend line. We recommend to buy near Rs 150-140 levels with a stop loss of 120 and a target of 180-200 levels.

Dabur India: It has broken out from the multiple resistances near Rs 480 levels. We recommend to buy near 485-475 levels with a stop loss of 445 and a target of 530-550 levels.

India Cements: It has bounced from the major support zone with lifetime high volumes indicating good participation by the bulls. We recommend to buy near 95-90 levels with a stop loss of 85 and a target of 115-125 levels.

United Spirits: It has broken out from a one-year-long resistance of 670 and is sustaining above that. We recommend to buy near 680-670 levels with a stop loss of 650 and a target of 710-730 levels.