The bulls maintained their hold on D-Street throughout the trading session on Friday. The Nifty which opened at 10,366 slipped marginally to 10,363 in morning trade. The index rose to an intraday high of 10,490.45 before closing the day 40 points higher at 10,389.70.
According to Pivot charts, the key support level is placed at 10,366.43, followed by 10,343.17. If the index starts to move higher, key resistance levels to watch out for are 10,408.73 and 10,427.77.
Nifty Bank closed at 25,779.7 on Friday. Important Pivot level, which will act as crucial support for the index, is placed at 25,736.2, followed by 25,692.7. On the upside, key resistance level is 25,836.1 followed by 25,892.5.
The Nifty50 futures on the Singapore Stock Exchange were trading 41 points lower at 10381 indicating a negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still up and the next logical target is 10585 as long as 10260 holds. The crucial support for the Nifty is at 10300-10260 and the resistance is at 10410-10585. Bank Nifty on the other hand has support at 25600 and resistance at 26000.
Below are the stocks which are good trades today:
Aurobindo Pharma: Base Formation | Rating: Buy | Target: Rs 730, stop loss: Rs 702
PVR: Breakdown | Rating: Sell | Target: Rs 1260, stop loss: Rs 1320
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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