The Nifty on Tuesday rose to a fresh record high of 10,128 in the last 30-minutes of trade making a bullish candle. The Index opened at 10,101.05 and slipped to an intraday low of 10,065.75. It gained momentum in the second half of the trading session which took the index to its record high of 10,128.60. The Nifty finally closed 37 points higher at 10,114.65.
The Nifty on Tuesday ended at 10,114.7. According to Pivot charts, the key support level for Nifty is placed at 10,077.46, followed by 10,040.23. If the index starts to move higher, key resistance levels to watch out are 10,140.26, followed by 10,165.83.
The Nifty Bank also ended at record closing high of 25122.8 on Tuesday. Important pivot level, which will act as crucial support for the index is placed at 25022.64 followed by 24922.47. On the upside, the key resistance level is 25201.24 followed by 25279.67.
With retail inflation receding to record low levels, the Reserve Bank is likely to cut the benchmark lending rate by at least 0.25 percent in its third bi-monthly monetary policy review on Wednesday, say experts and bankers.
Encouraged by significant price improvement, bankers expect RBI, which has kept rates on hold at 6.25 per cent for the fourth straight time citing risk to inflation, to change its monetary stance and may even go for an aggressive rate cut.
Acccording to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still up as long as 10000 holds. The crucial support for Nifty is at 10000 and the resistance is at 10149-10260-10536. On the other hand, Bank Nifty has support at 25000 and resistance at 25550.
Below are the 4 stocks which can be traded today:
Aurobindo Pharma: Indicator Buy | Rating: Buy | Target: Rs 760, stop loss: Rs 720
Dewan Housing Finance: Breakout | Rating: Buy | Target: Rs 475, stop loss: Rs 460
Escorts: Breakout | Rating: Buy | Target: Rs 730, stop loss: Rs 680
Hindalco Industries: Breakout | Rating: Buy | Target: Rs 230, stop loss: Rs 221Disclaimer
: 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.