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Nifty likely to open higher; buy Berger Paints, Balkrishna Industries: Prakash Gaba

Prakash Gaba of prakashgaba.com is of the view that crucial support for the Nifty is at 9965 and the resistance is at 10046-10065. On the other hand, Bank Nifty has support at 24500 and resistance at 25000 and advises buying Balkrishna Industries and Berger Paints.

September 12, 2017 / 07:39 AM IST
 
 
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The Nifty50 closed above its crucial resistance level of 10,000 for the first time since August 7 and made a strong bullish candle on the daily candlestick charts. The Index opened at 9,971 and rose to an intraday high of 10,028.65 before closing the day 71 points higher from its previous close at 9934.80.

The Nifty closed at 10,006.05 on Monday. According to Pivot charts, the key support level is placed at 9,973.63, followed by 9,941.27. If the index starts to move higher, key resistance levels to watch out are 10,033.53 and 10,061.07.

The Nifty Bank closed at 24,672.25 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 24,508.5, followed by 24,344.8. On the upside, key resistance levels are 24,785.6, followed by 24,899.

Nifty likely to open higher led by trading on Nifty50 futures on the Singapore Stock Exchange which was up 35 points.

According to Technical Analyst Prakash Gaba of prakashgaba.com, 9965 becomes a crucial support to work with and the logical target would be 10046-65 zones. The crucial support for the Nifty is at 9965 and the resistance is at 10046-10065. On the other hand, Bank Nifty has support at 24500 and resistance at 25000.

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Below are the top stocks which are good buys today:

Balkrishna Industries: Breakout | Rating: Buy | Target: Rs 1720, stop loss: Rs 1670

Berger Paints: Breakout | Rating: Buy | Target: Rs 273, stop loss: Rs 263

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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