Crucial support for Nifty at 9466; 4 stocks to trade on expiry day: Prakash Gaba

Moneycontrol News

The Nifty50 came under selling pressure and closed below its crucial support level of 9,500 on Wednesday but it respected its low of 9473 formed on Tuesday which is a positive sign ahead of June derivative expiry. The Nifty50 opened at 9,520.20 and rose marginally to an intraday high of 9,522.50. It slipped to an intraday low of 9,474.35 before finally closing at 9,491.25, down 20 points.

Traders are advised to tread with caution as long as Nifty trades below 9,615. If Nifty retests 9,460-9473 then chances of a bounce back can’t be ruled out. But, the bullish momentum will continue only when Nifty breaks above 9,615, till then, the index is likely to remain rangebound.

According to Technical Analyst Prakash Gaba of prakashgaba.com, technically if Nifty continues to slide then the next logical technical target is 9466-9439-9400. The Nifty traded sideways taking care not to breach the low of the previous day. There is a good chance that the Nifty could see positive move in the last day of the F&O expiry. The crucial support for the Nifty is at 9466-9439-9400 and the resistance is at 9560-9591 while Bank Nifty has support at 22950 and resistance at 23500.