The Nifty rose to a record high on Tuesday but witnessed some profit taking towards the close of the session. The Nifty opened at 10,227 and slipped marginally to 10,212. It rose to a record high of 10,215 .85 before closing the day at yet another closing high of 10,234.45.
The Nifty closed at 10,234.5 on Tuesday. According to Pivot charts, the key support level is placed at 10,214.13, followed by 10,193.77. If the index starts to move higher, key resistance levels to watch out are 10,253.33 and 10,272.17.
The Nifty Bank closed at 24,645.6. Important Pivot level, which will act as crucial support for the index, is placed at 24,541.87, followed by 24,438.13. On the upside, key resistance levels are 24,779.27, followed by 24,912.93.
The Nifty50 futures on the Singapore Stock Exchange were trading 25.50 points lower at 10226 indicating a negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the crucial support for the Nifty is at 10150 and the resistance is at 10315-10537 while Bank Nifty has support at 25000 and resistance at 25534.
Below are the stocks which are good buys today:
Asian Paints: Indicator Buy | Rating: Buy | Target: Rs 1220, stop loss: Rs 1180
Century Textiles: Breakout | Rating: Buy | Target: Rs 1350, stop loss: Rs 1290
Kaveri Seed Company: Breakout | Rating: Buy | Target: Rs 583, stop loss: Rs 559
United Spirits: Bottomed Out | Rating: Buy | Target: Rs 2575, stop loss: Rs 2465
"I like Equitas Holdings. Looks like it is a holding out pattern; Rs 153 is the stop loss and maybe we can see a move until Rs 160 zones. I like Steel Authority of India. It is climbing to levels closer to around Rs 62 zones, very strong support is in the region of Rs 59."
"I also like Apollo Tyres. It can climb to levels closer to Rs 250. These are the two stocks that look good to me and then we can see higher levels."
"I will go with Apollo Tyres, that is certainly is looking good. It can climb to levels closer to Rs 255 and Rs 245 is a strong support zone to work with."
"I also like LIC Housing Finance. It can climb to levels closer to Rs 680 zones, keep stop loss below Rs 660."
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