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Crucial support for Nifty at 9968; 4 stocks to buy in range bound market: Gaba

Prakash Gaba of prakashgaba.com is of the view that crucial support for Nifty is at 10000-9968 and the resistance is at 10149-10248-10536. On the other hand, Bank Nifty has support at 24600 and resistance at 25000-25100.

August 08, 2017 / 07:47 AM IST
 
 
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The Nifty, on Monday started on a buoyant note but failed to hold on to momentum and corrected in the second half of the trading session closing below its opening level. The Nifty closed at 10,057.40, down 9 points on Monday. According to Pivot charts, the key support level is placed at 10,039.77, followed by 10,022.13. If the index starts to move higher, key resistance levels to watch out are 10,081.57 and 10,105.73.

Nifty Bank closed 78.9 points higher at 24,906.35 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 24,840.7, followed by 24,775.1. On the upside, key resistance level is 24,975.6, followed by 25,044.9.

According to Technical Analyst Prakash Gaba of prakashgaba.com, technically the trend is still up as long as 9968 holds. The crucial support for Nifty is at 10000-9968 and the resistance is at 10149-10248-10536. On the other hand, Bank Nifty has support at 24600 and resistance at 25000-25100.

Below are the 4 stocks traders can buy for handsome gains:

Ashok Leyland: Bounce from support | Rating: Buy | Target: Rs 114, stop loss: Rs 108

Close

Balkrishna Industries: Base formation | Rating: Buy | Target: Rs 1700, stop loss: Rs 1620

Bajaj Auto: Breakout | Rating: Buy | Target: Rs 2940, stop loss: Rs 2870

Bajaj Finance: Breakout | Rating: Buy | Target: Rs 1950, stop loss: Rs 1750

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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