Nifty likely to open flat; buy HCL Tech, sell Allahabad Bank: Prakash Gaba

Moneycontrol News

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.