The 50-share NSE Nifty which started with a gap on the higher side went on reclaiming 10,200 with gains of nearly 100 points on Thursday. The index made a solid bullish candle after three consecutive bearish candles.
It opened at 10,152 and slipped marginally to hit its intraday low of 10,139. But, then bulls took control and pushed the index above 10,200 to hit an intraday high of 10,232. The index closed 96 points higher at 10,214.
Bulls made a strong comeback and any weakness in Friday’s session could be used as a buying opportunity. However, a break below its 50-DEMA could turn towards bears, suggest experts According to Prakash Gaba, we can some more up move to around 10270-10300 zones and the crucial support to watch would be 10175.
The crucial support for the Nifty is at 10175-10089 and the resistance is at 10175-10270, he added.
Bank Nifty has support at 25300 and resistance at 25700.
The Nifty50 futures on the Singapore Stock Exchange were trading 94 points higher at 10354 indicating a positive opening for the domestic market.
Below are bullish plays for today:
Bajaj Finance: Base Formation | Target: Rs 1820, stop loss: Rs 1740
Mindtree: Indicator Buy | Target: Rs 525, stop loss: Rs 495
Motherson Sumi: Base Formation | Target: Rs 370, stop loss: Rs 350
United Spirits: Base Formation | Target: Rs 3240, stop loss: Rs 3060
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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