Nifty likely to open flat; 4 top stocks to buy today: Prakash Gaba

Prakash Gaba

Technical Analyst | prakashgaba.com

• Nifty likely to open flat; 4 top stocks to buy today: Prakash Gaba

• Nifty likely to open flat with crucial support at 9850; buy DHFL: Prakash Gaba

• Nifty to remain volatile ahead of RBI policy; crucial support at 9788: Prakash Gaba

Moneycontrol News

The Nifty closed 26 points lower at 9888.70 on Thursday. According to Pivot charts, the key support level is placed at 9,865, followed by 9,841. If the index starts to move higher, key resistance levels to watch out are 9,929 and 9969.

The Nifty Bank closed 55 points lower at 24,058. Important Pivot level, which will act as crucial support for the index, is placed at 23,998, followed by 23,938. On the upside, key resistance levels are 24,153, followed by 24,248.

The Nifty50 futures on the Singapore Stock Exchange were trading 8.50 points higher at 9929 indicating a flat opening for the domestic market.

According to Technical Analyst Prakash Gaba of prakashgaba.com, any move above 9946 would propel the Nifty to 10041-10080 zones but looks like the Index is into a pause mode and so a dip is acceptable as long as 9850 holds. The crucial support for the Nifty is at 9850 and the resistance is at 9946-10041-10080. Bank Nifty on the other hand has support at 24000 and resistance at 24312.

Below are the top stocks which are good buys today:

Bharat Financial Inclusion: Breakout | Rating: Buy | Target: Rs 990, stop loss: Rs 953

Century Textiles: Momentum Pull | Rating: Buy | Target: Rs 1310, stop loss: Rs 1260

Raymond: Base Formation | Rating: Buy | Target: Rs 870, stop loss: Rs 820

Tata Elxsi: Base Formation | Rating: Buy | Target: Rs 847, stop loss: Rs 810

"Hindustan Zinc has seen a good upmove a couple of days back. This could continue to levels closer to Rs 320 and the only thing is dips could be bought; a deep stop loss is required of Rs 305. It is more of a buy today and sell after two or three days."

"Bajaj Finserv is looking good, Rs 5,200 strong support zone. It can climb to Rs 5,500-5,600 zones. DLF is another stock that is heading to levels beyond Rs 178 zones. NTPC is running to levels closer to Rs 176 zones."