The 50-share NSE Nifty also closed lower but managed to hold the 9,900 level on the back of support by Reliance Industries and HDFC Group stocks, down 36 points to 9,916.20.
The Nifty closed at 9,916.2 on Wednesday. According to Pivot charts, the key support level is placed at 9,888.65, followed by 9,861.1. If the index starts to move higher, key resistance levels to watch out are 9,937.65 and 9,959.1.
The Nifty Bank closed 49 points lower at 24,279.15 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,176.43, followed by 24,073.66. On the upside, key resistance levels are 24,356.63, followed by 24,434.07.
The Nifty50 futures on the Singapore Stock Exchange were trading 31 points higher at 9,976 indicating a flat to positive opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the crucial support for the Nifty is at 9840 and the resistance is at 10005-10050 while Bank Nifty has support at 24100 and resistance at 24511.
Below are the stocks which are good buys today:
Manappuram Finance: Breakout | Rating: Buy | Target: Rs 112, stop loss: Rs 104
SRF: Breakout | Rating: Buy | Target: Rs 1610, stop loss: Rs 1540
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