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The Nifty which opened with a large gap managed to build on the momentum and closed above its crucial psychological resistance level of 9,850 on Wednesday. It will be important for Nifty to hold above 9740-9820 levels for the up move to continue towards 9,880 and then 9,928 levels.
Yesterday, the Nifty witnessed a strong up move in last one hour of the session towards 9,857 and finally ended the day with the gains of 87 points.
The Nifty opened at 9,803 and rose to an intraday high of 9,857. It dipped marginally in opening trade to hit intraday low of 9,786, but Bulls managed to pull the index back above 9,850. The index closed 86 points higher at 9,852.50.
The Nifty closed at 9,852.5, up over 80 points on Wednesday. The index is back on a strong footing. According to Pivot charts, the key support level is placed at 9,806.87, followed by 9,761.23. If the index starts to move higher, key resistance levels to watch out are 9,878.02 and 9,903.53.
The Nifty Bank closed 342.35 points higher at 24,316.8 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,144.0, followed by 23,971.2. On the upside, key resistance level are 24,419.8, followed by 24,522.8.
According to Technical Analyst Prakash Gaba of prakashgaba.com, 9785 is a crucial support and 9911 is a possibility while the resistance is at 9911. On the other hand Bank Nifty has support at 24074 and resistance at 24511.
Below are the 4 stocks which are good buys today:
Bajaj Finserv: Indicator Buy | Rating: Buy | Target: Rs 5450, stop loss: Rs 5268
Bharat Forge: Indicator Buy | Rating: Buy | Target: Rs 1190, stop loss: Rs 1150
Canara Bank: Base Formation | Rating: Buy | Target: Rs 345, stop loss: Rs 330
Hindalco Industries: Indicator Buy | Rating: Buy | Target: Rs 238, stop loss: Rs 226
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