The Nifty50 index found support near 9,900. Given the fact that Nifty is trading near key support levels, some bit of bounce back cannot be ruled out. It opened at 9961 and rose to an intraday high of 9969.80. Bears took control and the index witnessed selling pressure which took Nifty to its intraday low of 9893.
The Nifty closed at 9,908.05, down 70.50 points on Wednesday. The key support level is placed at 9,877.47, followed by 9,846.88. If the index starts to move higher, key resistance levels to watch out are 9,954.22 and 10,000.38.
Nifty Bank closed 224.9 points lower at 24599.50 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,291.0, followed by 24,207.4. On the upside, key resistance level is 24,495.3, followed by 24,616.
According to Technical Analyst Prakash Gaba of prakashgaba.com, Nifty is resting on support and a bounce is possible here if it has to, if not then the next logical technical target would be 9862. The crucial support for Nifty is at 9862 and the resistance is at 9968-10000. On the other hand, Bank Nifty has support at 24000 and resistance at 24500.
Buy or sell - 4 stocks which can give good returns today:
Astral Poly Technik: Indicator Buy | Rating: Buy | Target: Rs 666, stop loss: Rs 637
Page Industries: Bounce from support | Rating: Buy | Target: Rs 17,150, stop loss: Rs 16,250
Federal Bank: Breakdown | Rating: Sell | Target: Rs 105, stop loss: Rs 110
Shriram Transport Finance Corporation: Exhaustion | Rating: Sell | Target: Rs 915, stop loss: Rs 960Disclaimer
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