The resistance for Nifty is placed at 10,225-10,300 and the support is at 10,097. Bank Nifty on the other hand has support at 24250 and resistance at 24750, says Prakash Gaba of prakashgaba.com.
By Prakash Gaba
prakashgaba.com
The Nifty ended the March series on a weak note, down 2.6 percent on the last trading day on the week. The index closed below its crucial 200-days exponential moving average (DEMA) and formed a small bearish candle on the daily candlestick charts.
The Nifty future closed the March series with the loss of 2.6 percent. It closed lower by 200 points from its VWAP. The Nifty Future has seen rollover of around 66 percent on provisional basis compare to 62.34 percent rollover seen in the last series.
The index which opened at 10,143.60 rose to an intraday high of 10,158.35. It slipped below 10,100 levels to hit an intraday low of 10,096 to close the day at 10,113 down 70 points on Wednesday.
According to Pivot charts, the key support level is placed at 10,087.63, followed by 10,061.57. If the index starts moving upwards, key resistance levels to watch out are 10,149.03 and 10,184.37.
The Nifty Bank index closed at 24,263.3 on Wednesday. The important Pivot level, which will act as crucial support for the index, is placed at 24,190.8, followed by 24,118.3. On the upside, key resistance levels are placed at 24,348.4, followed by 24,433.5.
Nifty in the last trading session for the financial year opened in the red but stayed flat. The crucial support for the Nifty is at 9950-9754 and the resistance is at 10225-10418. Technically, the level of 10,225 for the Nifty would be a crucial resistance to work with and the downside is open.
The resistance for the index is placed at 10,225-10,300 and the support is at 10,097. Bank Nifty on the other hand has support at 24250 and resistance at 24750
The Nifty futures on the Singaporean stock exchange were trading lower by around 20 points at 10,222, a fall of around 0.2 percent. This indicates that the domestic market is likely to open on a negative note.
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