The Nifty opened at 10,324.55 and rose to an intraday high of 10,343 on Friday. But the index witnessed profit booking at higher levels as the index recorded an intraday low of 10,268 before closing the day at 10,283 up 68 points.
According to Pivot charts, the key support level is placed at 10,253.2, followed by 10,222.8. If the index starts to move higher, key resistance levels to watch out for are 10,328.8 and 10,374.0.
Nifty Bank closed at 25,728.4 on Friday. Important Pivot level, which will act as crucial support for the index, is placed at 25,630.37, followed by 25,532.33. On the upside, key resistance level is 25,875.67 followed by 26,022.93.
The Nifty50 futures on the Singapore Stock Exchange were trading 12.5 points lower at 10289 indicating a negative opening for the domestic market.
According to technical analyst Prakash Gaba of prakashgaba.com, for the Nifty, the trend is up as long as 10175 holds and upside to 10340 is also a possibility. The crucial support for the Nifty is at 10175-10089 and the resistance is at 10340. Bank Nifty on the other hand has support at 25600 and resistance at 26000.
Below are the stocks which are good buys today:
Bajaj Finserv: Base Formation | Rating: Buy | Target: Rs 5300, stop loss: Rs 5070
Blue Dart: Indicator Buy | Rating: Buy | Target: Rs 4200, stop loss: Rs 4050
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