The Nifty50 started on a weak note on Thursday and succumbed under selling pressure after fiscal deficit at the end of October hit 96.1 percent of the Budget estimate for 2017- 18.
The Nifty50 opened at 10,332 which also became the intraday high level. The index slipped near its crucial support level placed around 10,200 and hit its intraday low of 10,211. It closed 134 points lower at 10,226.55.
India VIX moved up by 3.75 percent at 13.55. Rising volatility has again given the grip in hand of bears which could pose a short-term concern for long positions.
The Nifty50 futures on the Singapore Stock Exchange were trading 2 points higher at 10280 indicating a flat opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, looks like the Nifty is trying to test the 10094 mark. The crucial support for the index is at 10094 and the resistance is at 10260-10300. Bank Nifty has support at 25000-25100 and resistance at 26600.
Below are the stocks which are good trades today:
Jain Irrigation Systems: Indicator Buy | Rating: Buy | Target: Rs 128, stop loss: Rs 116
Nestle India: Base Formation | Rating: Buy | Target: Rs 7875, stop loss: Rs 7575
Tata Steel: Exhaustion | Rating: Sell | Target: Rs 675, stop loss: Rs 705
Yes Bank: Indicator Sell | Rating: Sell | Target: Rs 298, stop loss: Rs 310
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