Moneycontrol
Nov 14, 2017 08:13 AM IST | Source: Moneycontrol.com

Nifty likely to open flat with key support at 10184; top 4 stocks to pick for good returns: Prakash Gaba

According to Technical Analyst Prakash Gaba of prakashgaba.com, we are very close to the first line of defense at 10184 and if that goes then even 10089 is not ruled out. The crucial support for the Nifty is at 10184-10089-9994 and the resistance is at 10380-10400. Bank Nifty on the other hand has support at 25200 and resistance at 25600.

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The Nifty started on a muted note on Monday and failed to pull the index back above 10,300 which it was able to do in the past two sessions. The Nifty opened at 10,322 and rose marginally to hit an intraday high of 10,334. It slipped to an intraday low of 10,216 before closing the day at 10,224, down 96 points.

According to Pivot charts, the key support level is placed at 10,182.73, followed by 10,140.47. If the index starts to move higher, key resistance levels to watch out are 10,300.73 and 10,376.47.

The Nifty Bank closed at 25,358.3 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 25,259.79, followed by 25,161.3. On the upside, key resistance level is 25,534.2 followed by 25,710.1.

The Nifty50 futures on the Singapore Stock Exchange were trading 5.5 points lower at 10255 indicating a flat to negative opening for the domestic market.

According to Technical Analyst Prakash Gaba of prakashgaba.com, we are very close to the first line of defense at 10184 and if that goes then even 10089 is not ruled out. The crucial support for the Nifty is at 10184-10089-9994 and the resistance is at 10380-10400. Bank Nifty on the other hand has support at 25200 and resistance at 25600.

Below are the stocks which are good trades today:

M&M Financial Services: Indicator Buy | Rating: Buy | Target: Rs 450, stop loss: Rs 425

Mindtree: Momentum Pull | Rating: Buy | Target: Rs 520, stop loss: Rs 500

Adani Power: Exhaustion | Rating: Sell | Target: Rs 400, stop loss: Rs 420

BEML: Breakdown | Rating: Sell | Target: Rs 1625, stop loss: Rs 1725

Disclaimer: 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.
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