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Crucial support for Nifty at 9840; buy CG Power, Jain Irrigation: Prakash Gaba

Prakash Gaba of prakashgaba.com is of the view that crucial support for the Index is at 9840 and the resistance is at 10005-10050. On the other hand, Bank Nifty has support at 24100 and resistance at 24511.

September 06, 2017 / 07:27 AM IST
 
 
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The Nifty50 reversed losses from the previous session and closed above its crucial resistance level of 9,950 on Tuesday. The Nifty opened at 9933 and rose to an intraday high of 9963. It slipped to its crucial support level of 9901 before closing the day at 9952, up 39 points.

The Nifty closed 39 points higher at 9,952 on Tuesday. According to Pivot charts, the key support level is placed at 9,914, followed by 9,876. If the index starts to move higher, key resistance levels to watch out are 9,976 and 10,000.

The Nifty Bank closed 91 points higher at 24,328.30 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,260, followed by 24,192. On the upside, key resistance levels are 24,392, followed by 24,456.

The Nifty50 futures on the Singapore Stock Exchange were trading 27 points lower at 9,947 indicating a flat opening for the domestic market.

According to Technical Analyst Prakash Gaba of prakashgaba.com, nothing changes as long as Nifty stays between 9840 to 10005. The crucial support for the Index is at 9840 and the resistance is at 10005-10050. On the other hand, Bank Nifty has support at 24100 and resistance at 24511.

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Below are the stocks which can be top trades today:

CG Power: Breakout | Rating: Buy | Target: Rs 90, stop loss: Rs 82

Jain Irrigation: Breakout | Rating: Buy | Target: Rs 110, stop loss: Rs 100

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.

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