Moneycontrol News
It was a good start to the September series on Friday as the Nifty moved closer to the psychological 10,000-mark despite sluggish economic growth in Q1FY18, driven by autos (after strong August sales data) and pharma stocks. Positive global cues also led support to the market.
The 30-share BSE Sensex was up 161.74 points at 31,892.23 and the 50-share NSE Nifty gained 56.50 points at 9,974.40. All broader markets and sectoral indices ended the week on a green note, with the midcap index gaining 3 percent, while the Bank Nifty traded flat.
The Nifty closed 56.5 points higher or 0.57 percent at 9,974.4. According to Pivot charts, the key support level for Nifty is placed at 9,928.35, followed by 9,882.3. If the index starts to move higher, key resistance levels to watch out are 10,001.95, followed by 10,029.5.
The Nifty Bank closed 115.6 points higher or 0.48 percent at 24,434 on Friday. Important Pivot level which will act as crucial support for the index is placed at 24,337.37 followed by 24,240.73. On the upside, the key resistance level is 24,512.47 followed by 24,590.94.
The Nifty50 futures on the Singapore Stock Exchange were trading 27.50 points lower at 9,986.50 indicating a flat opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, for the Nifty levels of 10005-10050 is a possibility as long as 9840 holds. The crucial support for the Nifty is at 9840 and the resistance is at 10005-10050. On the other hand, Bank Nifty has support at 24240 and resistance at 24511-24670.
Below are the stocks which can be good buys today:
Aurobindo Pharma: Indicator Buy | Rating: Buy | Target: Rs 780, stop loss: Rs 740
ICICI Prudential Life Insurance: Bounce from Support | Rating: Buy | Target: Rs 465, stop loss: Rs 435
"I do like Arvind. It is certainly looking good to me. The stock has seen a good base formation closer to Rs 373 zones. It is matter of time. Arvind is climbing to levels closer to Rs 385."
"I like Coal India as well. This stock looks like has bottomed out and formed a very good base. It is in the process, just a matter of time, it will go to around Rs 248-250 zones, keep stop loss below Rs 238."
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!
