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Nifty likely to open flat with key resistance at 9968; top 4 stocks to bet on today

The key support level for Nifty is placed at 9840 while the Index is likely to face resistance at 9965-10005. On the other hand Bank Nifty has support at 24200 and resistance at 24511-24670, says Prakash Gaba of prakashgaba.com.

September 01, 2017 / 10:24 AM IST

The Nifty which opened with a slight gap on the upside on Thursday witnessed selling in opening trade but bulls manage to bring back the index near its opening levels. The Nifty index managed to hold its immediate support of 9,850 and headed towards 9,925 mark which is an important resistance level for the index. The Nifty closed above 9,900 zones and gave a highest daily close in the last 15 trading sessions.

The Nifty opened at 9905 and closed at 9917.90 on Thursday. It slipped to an intraday low of 9,856.95 thus resulting in a long lower shadow and a high of 9925.10 which was close to the opening level and formed a small upper shadow.

The Nifty closed at 9,917.9, on Thursday. According to Pivot charts, the key support level is placed at 9,874.87, followed by 9,831.83. If the index starts to move higher, key resistance levels to watch out are 9,943.02 and 9,968.13.

The Nifty Bank closed at 24,318.4 on Thursday. Important Pivot level, which will act as crucial support for the index, is placed at 24,232.63, followed by 24,146.87. On the upside, key resistance level are 24,379.23, followed by 24,440.07.

According to Technical Analyst Prakash Gaba of prakashgaba.com, the key support level for Nifty is placed at 9840 while the Index is likely to face resistance at 9965-10005. On the other hand Bank Nifty has support at 24200 and resistance at 24511-24670.

Close

Below are the 4 stocks which are good buys for today:

Interglobe Aviation: Indicator Buy | Rating: Buy | Target: Rs 1260, stop loss: Rs 1208

JSW Energy: Bounce from support | Rating: Buy | Target: Rs 71, stop loss: Rs 66

LIC Housing Finance: Breakout | Rating: Buy | Target: Rs 680, stop loss: Rs 664

Reliance Industries: Momentum pull | Rating: Buy | Target: Rs 1625, stop loss: Rs 1570

"I like couple of stocks. BEML is certainly looking good. Looks like it is heading to levels closer to around Rs 1,950 zones. It may take a day or two for that.  IDFC is another stock that looks good. It can climb to around Rs 57 zones."

"Sun TV looks like it is heading to Rs 780. It is a good move out here."

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.
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