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Key support for Nifty at 9968; 4 stocks to buy, sell for good returns: Prakash Gaba

According to Prakash Gaba of prakashgaba.com, the first sign of strength would be a close above the 10000 mark. The crucial support for Nifty is at 10000-9968 and the resistance is at 10149-10248-10536. Bank Nifty on the other hand has support at 24450 and resistance at 25000.

August 09, 2017 / 07:52 AM IST
 
 
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The Nifty started on a positive note on Tuesday but came under selling pressure in mid-morning trade and closed below its crucial support levels of 10,000 and 9980 making a solid bearish candle on the daily candlestick charts. This led to breakdown on the charts which signifies that bears kept the selling pressure throughout the trading session.

The index closed below its crucial support levels of 10,000. However, it bounced back from its 20-DEMA placed at 9,970. The Index opened at 10,068.35 and rose marginally to an intraday high of 10,083.80 but then bears intensified selling pressure which pushed the index towards 9,947. The index closed at 9978.55 down 78 points or 0.78 percent.

According to Technical Analyst Prakash Gaba of prakashgaba.com, if Nifty slides then 9897 is not ruled out. The first sign of strength would be a close above the 10000 mark. The crucial support for Nifty is at 10000-9968 and the resistance is at 10149-10248-10536. Bank Nifty on the other hand has support at 24450 and resistance at 25000.

Below are the 4 stocks which can be good buys or sells in today's trade:

Bullish plays

Close

Ashok Leyland: Bounce from support | Rating: Buy | Target: Rs 115, stop loss: Rs 110

Astral Poly Technik: Indicator Buy | Rating: Buy | Target: Rs 675, stop loss: Rs 640

Bearish plays

Escorts: Breakdown | Rating: Sell | Target: Rs 630, stop loss: Rs 665

Sintex Industries: Exhaustion | Rating: Sell | Target: Rs 28, stop loss: Rs 34

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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