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The Nifty created history yet again on Friday as the index surpassed its previous record high of 10,178 and hit a fresh all-time high of 10,191.90. The index made a bullish candle on the daily charts for second consecutive day in a row.
The Nifty closed at 10,167.5 on Friday. According to Pivot charts, the key support level is placed at 10,127.77, followed by 10,088.03. If the index starts to move higher, key resistance levels to watch out are 10,199.57 and 10,231.63.
The Nifty Bank closed at 24,689.2. Important Pivot level, which will act as crucial support for the index, is placed at 24,458.06, followed by 24,226.93. On the upside, key resistance levels are 24,850.06, followed by 25,010.93.
The Nifty50 futures on the Singapore Stock Exchange were trading 33.50 points higher at 10244 indicating a positive opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still up, and the next logical technical target is 10315-10537 as long as 10000 holds. The crucial support for the Nifty is at 10000 and the resistance is at 10181-10200-10315-10537. Bank Nifty on the other hand has support at 24534 and resistance at 24785-24900.
Below are the stocks which are top trades today:
NIIT Technologies: Breakout | Rating: Buy | Target: Rs 640, stop loss: Rs 610
GAIL India | Rating: Sell | Target: Rs 425, stop loss: Rs 443
"Pharmaceutical is looking good to me. I think Cipla can climb to levels closer to Rs 610-612 zones, stop loss below Rs 595 should be fine."
"Another stock that looks good to me is Mahindra & Mahindra (M&M). It can climb to levels closer to Rs 1,360-1,370 zones. It may take a day or two for that, keep stop loss below Rs 1,330."
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