The Nifty opened with a gap on the higher side on Monday and created history in opening tick as the index surpassed its previous record high of 10,137. It witnessed sustained buying interest from bulls throughout the trading session, which took the index to its fresh all-time high of 10,171.70 and made a bullish candle on the daily candlestick charts.
According to Pivot charts, the key support level for Nifty is placed at 10,132.37, followed by 10,111.63. If the index starts to move higher, key resistance levels to watch out are 10,172.77, followed by 10,192.43.
The Nifty Bank closed at 25,046.9 on Monday. The important Pivot level which will act as crucial support for the index is placed at 24,957.37 followed by 24,867.83. On the upside, the key resistance level is 25,120.87, followed by 25,194.83.
The Nifty50 futures on the Singapore Stock Exchange were trading 10 points higher at 10104 indicating a flat opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, 10115 is a strong support and the next logical technical target is 10211. The crucial support for Nifty is at 10115 and the resistance is at 10211. Bank Nifty on the other hand has support at 24940 and resistance at 25200.
Below are the stocks which are good buys today:
Gujarat Narmada Valley Fertilizers & Chemicals: Indicator Buy | Rating: Buy | Target: Rs 348, stop loss: Rs 325
Hero MotoCorp: Indicator Buy | Rating: Buy | Target: Rs 4050, stop loss: Rs 3900
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