The Nifty50 is likely to open flat on Thursday tracking muted handover from Wall Street. The Nifty50 closed 88 points higher at 9,884 on Wednesday. If the index sustains above 9880 then up move could be seen towards 9950 then 10020 while on the downside supports are seen at 9820 then 9775.
The Nifty50 futures on the Singapore Stock Exchange were trading 20 points lower at 9860 indicating a flat opening for the domestic market.
Yesterday, the Nifty closed 88.35 points or 0.90 percent higher at 9,884.40. According to Pivot charts, the key support level for Nifty50 is placed at 9,853.65, followed by 9,822.9. If the index starts to move higher then key resistance levels to watch out are 9,912.3, followed by 9,940.2.
Nifty Bank closed 179.75 points lower or 0.74 percent at 24,308.70 on Wednesday. Important pivot level, which will act as crucial support for the index is placed at 24,238.63, followed by 24,168.57. On the upside, the key resistance level is 24,381.43 followed by 24,454.16.
According to Technical Analyst Prakash Gaba of prakashgaba.com, some more sideways movement is expected with volatility while the resistance beyond 9912 would be 9965. A slide down too is possible. The crucial support for the Nifty is at 9780-9740 and the resistance is at 9965. Bank Nifty on the other hand has support at 24250 and resistance at 24511.
Below are the 4 stocks which are good buys for today:
Ashok Leyland: Breakout | Rating: Buy | Target: Rs 110, stop loss: Rs 106
Mahanagar Gas : Indicator Buy | Rating: Buy | Target: Rs 1060, stop loss: Rs 1020
MRPL: Indicator Buy | Rating: Buy | Target: Rs 138, stop loss: Rs 128
Fortis Healthcare: Breakout | Rating: Buy | Target: Rs 162, stop loss: Rs 147
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