Nifty likely to open flat, key support at 10013; sell BPCL, Hindustan Zinc: Prakash Gaba

The Nifty opened at 10,088 and rose to an intraday high of 10,104 but then bears took control of the index and pushed the index lower to touch its intraday low of 10,033. Nifty finally closed 74 points lower at 10,044. The Nifty breached its crucial 100-days moving average after two months as selling pressure weighed on investor sentiments after RBI maintained the status quo.

The Nifty closed at 10,044.1 on Wednesday. According to Pivot charts, the key support level is placed at 10,016.87, followed by 9,989.63. If the index starts to move higher, key resistance levels to watch out are 10,087.77 and 10,131.43.

The Nifty Bank closed at 24,851.8. Important Pivot level, which will act as crucial support for the index, is placed at 24,751.13, followed by 24,650.46. On the upside, key resistance levels are 25,014.93, followed by 25,178.07.

The Nifty50 futures on the Singapore Stock Exchange were trading 6.5 points higher at 10078 indicating a flat opening for the domestic market.

Prakash Gaba

Technical Analyst|prakashgaba.com

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According to Prakash Gaba of prakashgaba.com, the Nifty is still weak and the logical technical target of 10013 is within reach and bounce from 10013 is not ruled out. But a breach of 10013 could take it further down to 9994-9923.

The crucial support for the Nifty is at 10013-9994-9923 and the resistance is at 10100-10140. Bank Nifty has support at 24700-24782 and resistance at 25000.

Below are the stocks which are good sells today:

BPCL: Indicator Sell | Rating: Sell | Target: Rs 480, stop loss: Rs 500

Hindustan Zinc: Breakdown | Rating: Sell | Target: Rs 280, stop loss: Rs 290