The Nifty closed above its crucial resistance level of 10,000 for the first time on Wednesday and made a bullish candle on the daily candlestick charts negating bearish belt hold pattern formed in the previous trading session.
Thursday happens to be the expiry day for July F&O contracts. The outcome of the US Fed meeting could well decide the fate of 10,000-level on Nifty. A more hawkish Fed could well lead to index testing its support levels.
The Nifty closed above 10,000 for the first time ever at 10,020.7 on Wednesday. According to Pivot charts, the key support level is placed at 9,982.43, followed by 9,944.17. If the index starts to move higher, key resistance levels to watch out are 10,042.48 and 10,064.27.
The Nifty Bank closed 150 points higher at 24670.70 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 24530.1, followed by 24389.5. On the upside, key resistance level is 24766.1, followed by 24861.5.
According to Technical Analyst Prakash Gaba of prakashgaba.com, support for Nifty is placed at 9920 and resistance at 10036-69 while Bank Nifty has support at 24500 and resistance at 24775.
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Bharat Electronics: Indicator Buy | Rating: Buy | Target: Rs 180, stop loss: Rs 173
Century Textiles: Breakout | Rating: Buy | Target: Rs 1200, stop loss: Rs 1770
Mahindra & Mahindra: Breakout | Rating: Buy | Target: Rs 1440, stop loss: Rs 1410
Sun Pharma: Indicator Buy | Rating: Buy | Target: Rs 590, stop loss: Rs 570Disclaimer
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