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The Nifty, which opened with a slight gap on the downside on Friday, managed to recoup most of the losses as bull pushed the index back above 10300 towards the close of the trade.
The Nifty closed at 10,321.8 on Friday. According to Pivot charts, the key support level is placed at 10,268.93, followed by 10,216.07. If the index starts to move higher, key resistance levels to watch out are 10,359.83 and 10,397.87.
Nifty Bank closed at 25,498.9 on Friday. Important Pivot level, which will act as crucial support for the index, is placed at 25,291.2, followed by 25,083.5. On the upside, key resistance level is 25,652.6 followed by 25,806.3.
The Nifty50 futures on the Singapore Stock Exchange were trading 7.5 points lower at 10334 indicating a flat to negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the crucial support for the Nifty is at 10240-10184 and the resistance is at 10380-10400. Bank Nifty on the other hand Bank Nifty has support at 25300 and resistance at 25800.
Below are the stocks which are good trades today:
Godfrey Phillips: Breakout | Rating: Buy | Target: Rs 1,100, stop loss: Rs 1,000
Reliance Communications: Rating: Sell | Target: Rs 12, stop loss: Rs 15
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