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In Tuesday's price action, Nifty50 opened at 10,010.55 which was slightly below its record high of 10,011.30. It slipped over 60 points to touch its intraday low of 9949.10 which made a slightly long lower shadow. The index finally closed 1.8 points lower from its previous close of 9,966.40 to 9,964.55.
The Nifty closed above 9,950-mark at 9964.55, down 1.85 on Tuesday. According to Pivot charts, the key support level is placed at 9938.67, followed by 9912.78. If the index starts to move higher, key resistance levels to watch out are 10000.87 and 10037.18.
The Nifty Bank closed 99.85 points higher at 24,520.70 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 24439.03, followed by 24357.37. On the upside, key resistance level is 24613.53 followed by 24706.37.
Technical Analyst Prakash Gaba of prakashgaba.com is of the view that the trend is still up and the logical technical target still is valid as long as 9920 holds. The crucial support for the Nifty is at 9920 and the resistance is at 10036. Bank Nifty has support at 24400 and resistance at 24750.
Below are the 4 stocks which can be picked for decent returns:
Axis Bank: Breakout | Rating: Buy | Target: Rs 550, stop loss: Rs 536
Ceat: Indicator Buy | Rating: Buy | Target: Rs 1920, stop loss: Rs 1858
Chennai Petroleum: Base Formation | Rating: Buy | Target: Rs 408, stop loss: Rs 392
Hexaware Technologies: Indicator Buy | Rating: Buy | Target: Rs 255, stop loss: Rs 244
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