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Crucial support for the Nifty is at 9840; buy M&M, sell ICICI Bank: Prakash Gaba

According to Prakash Gaba of prakashgaba.com, crucial support for the Nifty is at 9840 and the resistance is at 10005-10050. Bank Nifty on the other hand has support at 24100 and resistance at 24511.

September 08, 2017 / 10:54 AM IST

The Nifty closed at 9,929.9, up 13.7 points. According to Pivot charts, the key support level is placed at 9,909.79, followed by 9,889.67. If the index starts to move higher, key resistance levels to watch out are 9,957.43 and 9,984.97.

The Nifty Bank closed 25.75 points higher at 24,304.9 on Thursday. Important Pivot level, which will act as crucial support for the index, is placed at 24,230.17, followed by 24,155.43. On the upside, key resistance levels are 24,396.37, followed by 24,487.83.

According to Technical Analyst Prakash Gaba of prakashgaba.com, the Nifty is trapped between 9840-10005…it needs to come for a trend to emerge. The crucial support for the Nifty is at 9840 and the resistance is at 10005-10050. Bank Nifty on the other hand has support at 24100 and resistance at 24511.

Below are the stocks which are good trades for today:

Cummins India: Base Formation | Rating: Buy | Target: Rs 940, stop loss: Rs 900

Close

Mahindra & Mahindra: Short Covering | Rating: Buy | Target: Rs 1370, stop loss: Rs 1330

Tata Elxsi: New High | Rating: Buy | Target: Rs 1870, stop loss: Rs 1760

ICICI Bank: Exhaustion | Rating: Sell | Target: Rs 288, stop loss: Rs 295

I like Gulf Oil Lubricants India. The stock can climb to levels to Rs 880-900 zones. Give it a day or two; a good move from here is available, very strong base is around Rs 800."

"Biocon is trying to show its head up. Keep a very tight stop loss below the levels of Rs 345 maybe Rs 360. It's purely a trading play."

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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