Prakash Gaba of prakashgaba.com is of the view that technically, now 9676 remains the target as long as 9600 holds. The crucial support for the Nifty is at 9600-9560 and the resistance is at 9676.
The Nifty50 moved in a narrow range but the high and the low was well within the trading range of Tuesday's trading session. The Nifty50 rose to an intraday high of 9,650.65 and a low of 9595.50 in the previous session. In Wednesday’s session, the Nifty50 opened at 9,619.75 and slipped to a low of 9607.35 but then bulls managed to push the index higher towards 9,643.65 which was the highest point of the day. The index finally closed 24 points higher at 9,637.60 which was well within the trading range of the previous session.
According to Pivot charts, the key support level for Nifty is placed at 9,615.42, followed by 9,593.23. If the index starts to move higher then key resistance levels to watch out are 9,651.72, followed by 9,665.83. Nifty Bank closed 138.4 points higher or 0.60 percent at 23,352.60 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 23245.37 followed by 23138.13. On the upside, the key resistance level is 23,420.07 followed by 23487.54.
According to Technical Analyst, Prakash Gaba of prakashgaba.com, technically the trend is still up with some more sideways movement not ruled out. The Nifty traded sideways and closed mildly up as expected. Technically, now 9676 remains the target as long as 9600 holds. The crucial support for the Nifty is at 9600-9560 and the resistance is at 9676.
Below are some of the bullish bets by Prakash Gaba:
HDFC: Indicator Buy | Rating: Buy | Target: Rs 1665, stop loss: Rs 1624
Karnataka Bank: Indicator Buy | Rating: Buy | Target: Rs 170, stop loss: Rs 165
NCC: Indicator Buy | Rating: Buy | Target: Rs 92, stop loss: Rs 90
Oil India Limited: Indicator Buy | Rating: Buy| Target: Rs 275, stop loss: Rs 264Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.