The Nifty ended the volatile day above its crucial support level of 9,500 on the expiry day on Thursday and made a bearish candle on charts. The Nifty which opened well above 9,522 failed to hold onto its gains and closed marginally above its crucial support level of 9,500 at 9504.10. It made a bearish candle as the closing level was lower than the opening level. The index rose to an intraday high of 9,575.80 and a low of 9,493.80.
The Nifty closed 12 points higher or 0.14 percent at 9,504. According to Pivot charts, the key support level for Nifty50 is placed at 9,473, followed by 9,442. If the index starts to move higher then key resistance levels to watch out are 9,555, followed by 9,606.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the Nifty traded in the green as expected and also in the green. Technically, I would say that we have breeched 9560 and that is a stiff resistance to deal with and downside to 9439 is also a possibility. The crucial support for the Nifty is at 9439-9400 and the resistance is at 9560-9591. Bank Nifty on the other hand has support at 22975 and resistance at 23500.
Below are some stocks which Prakash Gaba is betting on:
Bullish Plays:
Godrej Industries: Indicator Buy | Rating: Buy | Target: Rs 645, stop loss: Rs 622
Vedanta: Breakout | Rating: Buy | Target: Rs 257, stop loss: Rs 246
Bearish Plays:
Asian Paints: Indicator Sell | Rating: Sell | Target: Rs 1085, stop loss: Rs 1120
LIC Housing Finance: Indicator Sell | Rating: Sell | Target: Rs 725, stop loss: Rs 775
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