According to Prakash Gaba of prakashgaba.com, Nifty's trend is still up with some more sideways movement not ruled out. The crucial support for the Nifty is at 9560-9540 and the resistance is at 9676.
The Nifty snapped its three-day winning streak on Tuesday, as the market breadth turned in favour on bears towards the closing trade. The index closed well below its opening level and made a bearish candle on the daily candlestick charts.
The Nifty which opened at 9,645.90 slipped to an intraday low of 9595.50 but bulls managed to pull the index back above its crucial level of 9,600. However, it lost some ground from its highest point of the day and closed at 9,613.30 down 1.7 points.
The Nifty closed 1.70 points lower or 0.02 percent at 9,613.30. According to Pivot charts, the key support level for Nifty50 is placed at 9,588.98, followed by 9,564.67. If the index starts to move higher then key resistance levels to watch out are 9,644.13, followed by 9,674.97. Nifty Bank closed 58.6 points lower or 0.25 percent at 23,214.20 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 23,130.9 followed by 23,047.6. On the upside, the key resistance level is 23,330.3 followed by 23,446.4.
According to Technical Analyst Prakash Gaba of prakashgaba.com, technically 9540 is a strong support to work with and upside to 9660 is a possibility and it is the banks that hold the key. The Nifty opened with a bull gap near the resistance and traded down the entire day and closing flat for the day. Technically, the trend is still up with some more sideways movement not ruled out. The crucial support for the Nifty is at 9560-9540 and the resistance is at 9676.
Below are some of the stocks Prakash Gaba is betting on today:
HDFC: Indicator Buy | Rating: Buy | Target: Rs 1665, stop loss: Rs 1634
Mahindra & Mahindra Finnacial Services: Indicator Buy | Rating: Buy | Target: Rs 362, stop loss: Rs 350
Shree Cements: Break Down | Rating: Sell | Target: Rs 670, stop loss: Rs 705
Indiabulls Real Estate: Indicator Sell | Rating: Sell | Target: Rs 1030, stop loss: Rs 1060Disclaimer: 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.