The Nifty, started on a muted note on Monday and failed to reclaim its crucial resistance level of 10,300 for the second consecutive day and made a small bull candle type of pattern on the daily candlestick charts.
According to Pivot charts, the key support level is placed at 10,270.27, followed by 10,241.73. If the index starts to move higher, key resistance levels to watch out for are 10,318.57 and 10,338.33.
Nifty Bank closed at 25768.6 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 25,699.13, followed by 25,629.67. On the upside, key resistance level is 25,820.63 followed by 25,872.67.
The Nifty50 futures on the Singapore Stock Exchange were trading 33 points higher at 10348 indicating a positive opening for the domestic market.
According to Prakash Gaba of prakashgaba.com, Nifty is up and an upside to 10340 is a possibility as long as 10175 holds. The crucial support for Nifty is at 10175-10089 and the resistance is at 10340. Bank Nifty on the other hand has support at 25600 and resistance at 26000.
Below are the stocks which are good buys today:
Mangalore Refinery and Petrochemicals: Base Formation | Rating: Buy | Target: Rs 135, stop loss: Rs 120
National Aluminium Company: Indicator Buy | Rating: Buy | Target: Rs 90, stop loss: Rs 81
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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