Crucial support for Nifty at 9720; 4 stocks to buy today: Prakash Gaba

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

The Nifty opened at 9,832.70 and closed at 9,827.15 thus forming a 'Doji' pattern on Tuesday. It rose to its intraday high of 9,885.35 which made a long upper shadow and fell to an intraday low of 9,792.05 which made a long lower shadow.

It is a neutral pattern which suggests neither bulls nor bears were able to regain control on the D-Street but for bulls to take back charge, Nifty has to cross 9,850.

The Nifty closed below the 9,850-mark on Tuesday. According to Pivot charts, the key support level is placed at 9,784.35, followed by 9,741.55. If the index starts to move higher, then key resistance levels to watch out are 9,877.65, followed by 9,928.15.

Nifty Bank closed 7 points higher at 24022.05 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 23927.0, followed by 23831.9. On the upside, key resistance level is 24132.3 followed by 24242.5.

According to Prakash Gaba of prakashgaba.com, the Nifty opened with bear gap and traded volatile to close in the red below the crucial 9850 mark and in the process generating an indecisive bar. I would now say that a slide to 9720 is a possibility and resistance exists at 9900. The crucial support for the Nifty is at 9720 and the resistance is at 9900-9969. Bank Nifty on the other hand has support at 23900 and resistance at 24300.

Below are some of the stocks which can be picked up today:

Asian Paints: Breakout | Rating: Buy | Target: Rs 1165, stop loss: Rs 1140

Bank of India: Indicator Buy | Rating: Buy | Target: Rs 158, stop loss: Rs 150

Bharat Heavy Electricals: Breakout | Rating: Buy | Target: Rs 148, stop loss: Rs 142

Glenmark Pharma: Indicator Buy | Rating: Buy | Target: Rs 705, stop loss: Rs 680

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.