The Nifty closed 116 points lower or 1.18 percent at 9,796. According to Pivot charts, the key support level for Nifty50 is placed at 9,757, followed by 9,718. If the index starts to move higher then key resistance levels to watch out are 9,861, followed by 9,925.
Nifty Bank closed 248 points lower or 1.02 percent at 24,128 on Tuesday. Important Pivot level which will act as crucial support for the index is placed at 24,047 followed by 23,966. On the upside, the key resistance level is 24,265 followed by 24,401.
Nifty is likely to open higher today tracking positive handover ffrom Wall Street after recovering from steep early losses triggered by fears that hostilities in the Korean Peninsula could escalate.
If the index sustains below 9775 levels then the selling pressure could drag the index towards 9,720 and then towards 9,685 levels.
According to Technical Analyst Prakash Gaba of prakashgaba.com, 9740 is a very crucial support and breach of 9740 could bring in more selling while stiff resistance exists at 9912. The crucial support for the Nifty is at 9740 and the resistance is at 9965. On the other hand, Bank Nifty has support at 23950 and resistance at 24348.
Here are the 4 stocks which can be good buy and sells for today:
Bullish Play
Oil India Limited: Indicator Buy | Rating: Buy | Target: Rs 295, stop loss: Rs 286
Bearish Plays
Bharat Financial Inclusion: Exhaustion | Rating: Sell | Target: Rs 827, stop loss: Rs 876
Hindalco Industries | Rating: Sell | Target: Rs 221, stop loss: Rs 233
HCL Technologies: Breakdown | Rating: Sell | Target: Rs 835, stop loss: Rs 865
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