According to Prakash Gaba of prakashgaba.com, the trend is still down but the first sign of strength will be displayed when the Nifty starts to trade above 10150. The crucial support for the Nifty is at 10013 and the resistance is at 10210, Bank Nifty has support at 9905-10013 and resistance at 10210.
The Nifty started on a muted note on Tuesday but failed to gain momentum and closed at the same level by closing making a ‘Doji’ candle on the daily candlestick charts. The index rose to its intraday high of 10,147.95 which made up for the long upper shadow and an intraday low of 10,069.10 which made a long lower shadow.
According to Pivot charts, the key support level is placed at 10,075.53, followed by 10,032.87. If the index starts to move higher, key resistance levels to watch out are 10,154.43 and 10,190.67.
The Nifty Bank closed at 25,124.8. Important Pivot level, which will act as crucial support for the index, is placed at 24,958.16, followed by 24,791.53. On the upside, key resistance levels are 25,254.56, followed by 25,384.33.
The Nifty50 futures on the Singapore Stock Exchange were trading 18.5 points lower at 10125 indicating a flat to negative opening for the domestic market.
According to Prakash Gaba of prakashgaba.com, the trend is still down but the first sign of strength will be displayed when the Nifty starts to trade above 10150. The crucial support for the Nifty is at 10013 and the resistance is at 10210, Bank Nifty has support at 9905-10013 and resistance at 10210.
Below are the stocks which are good buys today:
Balkrishna Industries: Indicator Buy | Rating: Buy | Target: Rs 2300, stop loss: Rs 2150
Shriram Transport Finance: Indicator Buy | Rating: Buy | Target: Rs 1400, stop loss: Rs 1360
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