It was a weak start to the December series on Friday as the Nifty slipped below its 50-DMA (daily moving average) to end at a 2-week closing low despite encouraging Q2 GDP data.
The 30-share BSE Sensex closed below the 33,000-mark, falling 316.41 points or 0.95 percent to 32,832.94 while the 50-share NSE Nifty plunged 104.70 points or 1.02 percent to 10,121.80.
The broader markets which were outperforming benchmarks early on also lost ground in last hour of trade. The Nifty Midcap and BSE Smallcap indices shed 1 percent each.
The Nifty50 futures on the Singapore Stock Exchange were trading 18 points higher at 10148 indicating a positive opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the Nifty still looks weak and the next logical target on the downside is 10013 while stiff resistance is at 10260. The crucial support for the Nifty is at 10094-10013 and the resistance is at 10260. Bank Nifty on the other hand has support at 24782-25030 and resistance at 25400.
Below are the stocks which are good trades today:
M&M Financial Services: Buy Mode | Rating: Buy | Target: Rs 470, stop loss: Rs 448
Aurobindo Pharma: Breakdown | Rating: Sell | Target: Rs 640, stop loss: Rs 690
Century Textiles: Exhaustion | Rating: Sell | Target: Rs 1260, stop loss: Rs 1313
Union Bank of India: Indicator Sell | Rating: Sell | Target: Rs 146, stop loss: Rs 163
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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