The Nifty50 which started with a mild gap on the upside in morning trade on Tuesday failed to keep the momentum going as bears took control soon after it crossed 9800 levels. The Nifty50 opened above its crucial resistance level of 9,800 at 9,815 and rose to an intraday high of 9,828. It witnessed profit booking which drove the index towards its intraday low of 9,752 before it finally closed 11 points higher or 0.11 percent at 9,765.55.
The Nifty closed at 9,765.55, down up 11.2 points on Tuesday. According to Pivot charts, the key support level is placed at 9,735.95, followed by 9,706.35. If the index starts to move higher, key resistance levels to watch out are 9,811.8 and 9,858.05.
The Nifty Bank closed 37.95 points higher at 23974.4 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 23,842.27, followed by 23,710.13. On the upside, key resistance level are 24,116.97, followed by 24,259.54.
According to Technical Analyst Prakash Gaba of prakashgaba.com, 9685 is under threat and only a move above 9860 would negate the down move. The crucial support for Nifty is at 9685 and the resistance is at 9860-9911. Bank Nifty on the other hand has support at 23750 and resistance at 24250.
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BPCL: Indicator Buy | Rating: Buy | Target: Rs 520, stop loss: Rs 504
Avenue Supermarts: Breakout | Rating: Buy | Target: Rs 990, stop loss: Rs 937
Ashok Leyland: Breakdown | Rating: Sell | Target: Rs 98, stop loss: Rs 102
SpiceJet: Indicator sell | Rating: Sell | Target: Rs 125, stop loss: Rs 131Disclaimer
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