The Nifty which opened with a gap on the upside taking out 9,900 in the first tick on Thursday failed to keep the momentum going as bears reclaimed their territory.
The Nifty closed above 9,850-mark at 9,873.3, up 26.3 points lower on Thursday. According to Pivot charts, the key support level is placed at 9,850.32, followed by 9,827.33. If the index starts to move higher, key resistance levels to watch out are 9,909.42 and 9,945.53.
Nifty Bank closed 60.7 points higher at 24213.35 on Thursday. Important Pivot level, which will act as crucial support for the index, is placed at 24156.13, followed by 24098.96. On the upside, key resistance level is 24285.03 followed by 24356.77.
According to Prakash Gaba of prakashgaba.com, technically the trend is still intact as long as 9792 holds. The crucial support for the Nifty is at 9792-9720 and the resistance is at 9916-9969. On the other hand, Bank Nifty has support at 24150 and resistance at 24300-24400.
Below are the stocks which are the best picks for the day:
HUDCO: Base Formation | Rating: Buy | Target: Rs 97, stop loss: Rs 87
NBCC: Breakout | Rating: Buy | Target: Rs 230, stop loss: Rs 214
Power Finance Corporation: Base Formation | Rating: Buy | Target: Rs 130, stop loss: Rs 126
Jet Airways: Breakdown | Rating: Sell | Target: Rs 570, stop loss: Rs 604
"I like Mahindra and Mahindra (M&M). It can climb up to maybe levels closer to Rs 1,410 zones, stop somewhere below the levels of Rs 1,388 should be fine."
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