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The Nifty came within kissing distance of Mount 10K but profit booking dragged the index towards 9650 levels in the last 1 hour of the trading session. The Nifty surpassed its previous record high of 9,928 with ease in morning trade and hit a fresh record high of 9,982.05. However, some bit of profit booking at higher levels restricted 10,000 level on the Nifty.
The Nifty closed above 9,900-mark at 9966.4, up 51.15 points on Monday. According to Pivot charts, the key support level is placed at 9,929.98, followed by 9,893.57. If the index starts to move higher, key resistance levels to watch out are 9,992.43 and 10,018.47.
Nifty Bank closed 163.8 points higher at 24,420.85 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 24,283.46, followed by 24,146.13. On the upside, key resistance level is 24,509.36 followed by 24,597.93.
According to Prakash Gaba of prakashgaba.com, technically now the next logical target is 10036 as long as 9920 holds. The crucial support for the Nifty is at 9920 and the resistance is at 9969-10036. On the other hand, Bank Nifty has support at 24250 and resistance at 24750.
Below are the 4 stocks which can be bought today:
Allahabad Bank: Breakout | Rating: Buy | Target: Rs 79, stop loss: Rs 74
Berger Paints: Indicator Buy | Rating: Buy | Target: Rs 258, stop loss: Rs 253
Dabur India: Base Formation | Rating: Buy | Target: Rs 311, stop loss: Rs 304
Tech Mahindra: Indicator Buy | Rating: Buy | Target: Rs 408, stop loss: Rs 396
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