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The Nifty which opened with a gap on the higher side in morning trade on Friday failed to hold on to momentum and closed below its crucial support level of 9,800. The bulls tried to push the index beyond 9,850 but witnessed selling pressure near its 5-days exponential moving average (DEMA) placed at 9,827.
The index opened at 9814 and rose to an intraday high of 9,854. But, bears took control of D-Street and pushed the index below the support level of 9,800 to 9,775.35 which was its intraday low. The index closed 19.65 points higher at 9,788.60.
The Nifty closed at 9,788.6 on Friday. According to Pivot charts, the key support level for Nifty is placed at 9,757.97, followed by 9,727.33. If the index starts to move higher, key resistance levels to watch out are 9,836.62, followed by 9,884.63.
The Nifty Bank closed at 24,053.0 on Friday. The important Pivot level which will act as crucial support for the index is placed at 23,962.74, followed by 23,872.47. On the upside, the key resistance level is 24,185.34, followed by 24,317.67.
The Nifty50 futures on the Singapore Stock Exchange were trading 28 points higher at 9868 indicating a flat to positive opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, expect a gap up opening with crucial support for the Nifty at 9596 and resistance at 9816-9946. On the other hand Bank Nifty has support at 23720 and resistance at 24312.
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Abbott India: Base Formation | Rating: Buy | Target: Rs 4350, stop loss: Rs 4100
La Opala RG: Base Formation | Rating: Buy | Target: Rs 516, stop loss: Rs 480
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