The Nifty failed to hold on to momentum on Tuesday and slipped below its crucial support level of 10,400 which sparked fears of a further correction in the markets. The Nifty50 opened at 10,477 and rose to an intraday high of 10,485.75. It slipped and closed 101 points lower at 10,350.
The Nifty closed at 10,350.2 on Tuesday. According to Pivot charts, the key support level is placed at 10,298.73, followed by 10,247.27. If the index starts to move higher, key resistance levels to watch out are 10,443.73 and 10,537.27.
Nifty Bank closed at 25,300.8 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 25,134.53, followed by 24,968.27. On the upside, key resistance level is 25,581.43 followed by 25,862.07.
The Nifty50 futures on the Singapore Stock Exchange were trading 4 points higher at 10415 indicating a flat to positive opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, Bank Nifty has support at 25100 and resistance at 25500.
Below are the stocks which are good trades today:
HCL Technologies: Breakout | Rating: Buy | Target: Rs 900, stop loss: Rs 860
Allahabad Bank: Indicator Sell | Rating: Sell | Target: Rs 74, stop loss: Rs 84
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
