Key resistance for Nifty at 9938; 4 stocks which can give handsome returns: Gaba

The Nifty closed a tad below 9,900-mark at 9,899.6, up 72.45 points on Wednesday. According to Pivot charts, the key support level is placed at 9,865.82, followed by 9, 832.03. If the index starts to move higher, key resistance levels to watch out are 9,919.21 and 9,938.83.

Nifty Bank closed 130.6 points higher at 24152.65 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 24077.34, followed by 24001.97. On the upside, key resistance level is 24204.44 followed by 24256.17.

The Nifty50 is likely to open higher today tracking positive handover from Wall Street. The Nifty50 closed 72 points higher at 9,899 on Wednesday.

According to Technical Analyst Prakash Gaba of prakashgaba.com, technically the trend is still up and the logical technical target of 9969 is still valid as long as 9792 holds. The crucial support for the Nifty is at 9792-9720 and the resistance is at 9916-9969. Bnak Nifty has support at 24000 and resistance at 24300.

Below are the stocks which Prakash Gaba bets on today:

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Prakash Gaba

Technical Analyst|prakashgaba.com

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  Buy JSW Steel, LIC Housing Finance: Prakash Gaba
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  Short Bank of Baroda, Havells India: Prakash Gaba

Bajaj Finserv: Breakout | Rating: Buy | Target: Rs 4630, stop loss: Rs 4500

Coal India: Indicator Buy | Rating: Buy | Target: Rs 261, stop loss: Rs 253

Cummins India: Breakout | Rating: Buy | Target: Rs 980, stop loss: Rs 945

JSW Energy: Indicator Buy | Rating: Buy | Target: Rs 67, stop loss: Rs 63

"Triveni Engineering is weak. It may break the recent low that we have seen of Rs 69 and may even go down. So, I would not take a trade there.  In Balrampur Chini there is no trade out here. It can climb up to maybe around Rs 158. There is no clear trend out there, so, best avoided. It might find some support in the lower regions but best avoided."

"I like BHEL. That looks good. Perhaps we can see a move up to maybe around Rs 150 zones, stop below the levels of Rs 143 should be fine. I also like RBL Bank. That is giving a good up move, it can continue to levels closer to Rs 560."

"I like two stocks. I will go with IDFC. That certainly is looking good to me. It can climb to levels closer to around Rs 62 zones, it may take a day or two for that, keep stop below Rs 59."

"Tata Sponge is forming a good base. It has seen a good up move today. Possible target on the upside is around Rs 860 zones, keep stop below Rs 820."

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