Resistance for Nifty at 9816-9946; buy Adani Power, HDIL: Prakash Gaba
It Nifty slides down then the next logical technical target would be 9596 and stiff resistance is at 9816-9946, says Technical Analyst, Prakash Gaba.
Technical Analyst, Prakash Gaba:
The 50-share NSE Nifty, which opened with a slight gap on the upside, pared gains on Wednesday as bears took control of D-Street and pushed the index towards its 100-day exponential moving average (DEMA) placed at 9,731 level ahead of expiry of September derivative contracts on Thursday. The index made a ‘Bearish Belt Hold’ pattern on daily charts.
The index witnessed suffered a knee-jerk reaction after the Indian Army said that it struck hideouts of Naga militants along the Myanmar border early on Wednesday.
A 'Bearish Belt Hold' pattern is formed on charts when the opening price becomes the highest point of the trading day. The candlestick would have a small or no upper shadow and the index declines throughout the trading day which makes up for the large body and a small lower shadow.
The Nifty opened flat but traded down the whole day taking care to take support from our support of 9727 and close in the red, said Prakash Gaba.
Technically now the market is at a place where it can bounce from for F&O Expiry possibly a relief rally, now if it slides down then the next logical technical target would be 9596 and stiff resistance is at 9816-9946, he added.
Bank Nifty has support at 23728 and resistance at 24100.
Stocks to focus in today's trade:
Adani Power |Indicator Buy | Target: Rs 28 |Stoploss: Rs 30
HDIL | Indicator Buy | Target: Rs 50 | Stoploss: Rs 57
Play In Progress 
