The Nifty which opened with a small gap on the upside reclaimed its crucial 50-days exponential moving average placed at 9,781 on Monday and made a bullish candle on the daily candlestick charts signifying that the market witnessed sustained buying interest from the Bulls for the most part of the trading day which is a bullish sign after a fall of 3.5 percent seen last week. The Nifty index opened positive and negated its formation of lower highs – lower lows of the last four trading sessions. It witnessed a bounce back move after the sharp decline of the last week.
The Nifty closed at 9,794.15, up 83.35 points on Monday. According to Pivot charts, the key support level is placed at 9,758.07, followed by 9,721.98. If the index starts to move higher, key resistance levels to watch out are 9,824.27 and 9,854.38.
Nifty Bank closed 130 points higher at 24,115.75 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 24,031.94, followed by 23,948.07. On the upside, key resistance level is 24,205.94, followed by 24,296.07.
According to Technical Analyst Prakash Gaba of prakashgaba.com, 9750 is a crucial support to deal with and 9877 a strong resistance. The crucial support for Nifty is at 9700-9640 and the resistance is at 9877-9900. On the other hand, Bank Nifty has support at 23750 and resistance at 24300.
Below are the 4 stocks which can be good buys for today:
Bajaj Finserv: Short Squeeze | Rating: Buy | Target: Rs 5400, stop loss: Rs 5100
Biocon: Indicator Buy | Rating: Buy | Target: Rs 370, stop loss: Rs 342
HDIL: Indicator Buy | Rating: Buy | Target: Rs 75, stop loss: Rs 57
Jubilant Foodworks: Breakout | Rating: Buy | Target: Rs 1400, stop loss: Rs 1330Disclaimer
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