The Nifty50 rebounded from its 13-days exponential moving average (DEMA) placed at 9,998 to close well above its crucial level of 10,050. The index formed a bullish candle but it also registered a piercing pattern on the candlestick charts. The Nifty50 index opened at 10,008.60 and then slipped to an intraday low of 9988.35. The index fell from 10,137 mark to 4 digits below 10,000 though buying later this week due to positive global cues helped it recovered from 9,988 to close above 10K at 10,068.
The Nifty closed at 10,066.4, up over 50 points on Friday. According to Pivot charts, the key support level is placed at 10,011.43, followed by 9,956.47. If the index starts to move higher, key resistance levels to watch out are 10,098.29 and 10,130.17.
Nifty Bank closed 152.4 points higher at 24,827.45 on Friday. Important Pivot level, which will act as crucial support for the index, is placed at 24,652.9, followed by 24,478.4. On the upside, key resistance level is 24,940.8, followed by 25,054.2.
According to Technical Analyst Prakash Gaba of prakashgaba.com, technically the trend is still up and the next logical technical target is 10149 as long as 9968 holds. The crucial support for the 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.
Below are the 4 stocks which are good buys for today:
BEML: Bounce from support | Rating: Buy | Target: Rs 1785, stop loss: Rs 1685
Hero MotoCorp: Breakout | Rating: Buy | Target: Rs 4100, stop loss: Rs 3875
Hindustan Unilever: Breakout | Rating: Buy | Target: Rs 1220, stop loss: Rs 1175
Tata Consultancy Services: Indicator Buy | Rating: Buy | Target: Rs 2560, stop loss: Rs 2498
"I like Balkrishna Industries, looks like a good base formation is there, it can climb to levels closer to around Rs 1,680 zone, may take a day or two for that. Stop loss below Rs 1,590 should be fine."
"Second stock that I like is Bajaj Finance. This stock has been doubling up every year, it is a safe stock on the long side and has seeen a good breakout today. The stock can climb to levels closer to around Rs 1,800 zone, it may take a day or two, keep stop loss below Rs 1,730."
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