Nifty likely to open flat with stiff resistance at 10005; buy Coal India, ONGC: Prakash Gaba

Moneycontrol News

The Nifty, which opened on a muted note extended losses in the second half of the trading sessions after it breached most of its short-term moving averages on the lower side. The Nifty opened at 9,984 and rose marginally to touch its intraday high of 9,988 but then bears took control and push the index by over 100 points to touch its intraday low of 9,861 — which made a long lower shadow. It finally closed 61 points lower at 9,912.

The Nifty closed at 9,912.85 on Monday. According to Pivot charts, the key support level is placed at 9,853.1, followed by 9,793.35. If the index starts to move higher, key resistance levels to watch out are 9,980.5 and 10,048.15.

The Nifty Bank closed 197.15 points lower at 24,236.85 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 24,109.03, followed by 23,981.27. On the upside, key resistance levels are 24,411.93, followed by 24,587.07.