The Nifty witnessed selling pressure for the fifth consecutive day in a row on Friday and closed around its opening level. Weak global cues pulled the index further below its crucial support level of 50-days exponential moving average 9,786 and as long as the index stays below 9,800 bulls might not get a chance to make a comeback on D-Street.
The Nifty closed at 9,712.25, down 108 points on Friday. According to Pivot charts, the key support level is placed at 9,673.68, followed by 9,636.57. If the index starts to move higher, key resistance levels to watch out are 9,759.78 and 9,808.77.
Nifty Bank closed 231.6 points lower at 23,985.75 on Friday. Important Pivot level, which will act as crucial support for the index, is placed at 23,839.0, followed by 23,692.2. On the upside, key resistance level is 24,161.9, followed by 24,338.
According to Technical Analyst Prakash Gaba of prakashgaba.com, 9700 is a crucial support to work with and 9900 is the resistance to deal with. Volatility is not ruled out as this is a truncated week. The crucial support for Nifty is at 9700-9640 and the resistance is at 9900. On the other hand, Bank Nifty has support at 23750 and resistance at 24300.
Below are the 4 stocks one can bet on today:
Aurobindo Pharma: Indicator Buy | Rating: Buy | Target: Rs 726, stop loss: Rs 688
Cipla: Intraday buy | Rating: Buy | Target: Rs 560, stop loss: Rs 535
United Spirits: Breakdown | Rating: Sell | Target: Rs 2340, stop loss: Rs 2453
Vedanta: Breakdown | Rating: Sell | Target: Rs 260, stop loss: Rs 285Disclaimer
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