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The bulls managed to regain control of D-Street as Nifty closed above its crucial psychological level of 9950 levels and above its key short-term moving average on Friday. It made a strong bullish candle on the daily candlestick charts.
The Nifty closed at 9,979.7 on Friday. According to Pivot charts, the key support level is placed at 9,927.75, followed by 9,875.8. If the index starts to move higher, key resistance levels to watch out are 10,010.5 and 10,041.3.
The Nifty Bank closed at 24,190. Important Pivot level, which will act as crucial support for the index, is placed at 24,095.5, followed by 24,001. On the upside, key resistance levels are 24,263.3, followed by 24,336.6.
The Nifty50 futures on the Singapore Stock Exchange were trading 34.50 points lower at 9985.50 indicating a flat to negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the next logical technical target is 10041-10080 zones as long as 9900 holds. The crucial support for the Nifty is at 9900 and the resistance is at 9946-10041-10080. Bank Nifty on the other hand has support at 24000 and resistance at 24312-21400.
Below are the top buys which can give good returns:
Godrej Industries: Momentum Pull | Rating: Buy | Target: Rs 620, stop loss: Rs 592
UPL: Indicator Buy | Rating: Buy | Target: Rs 810, stop loss: Rs 783
"Colgate Palmolive is looking good. The way it is trading, it looks like it is heading to levels closer to Rs 1,130 plus zones, keep stop loss below Rs 1,090."
"Jindal Steel & Power is another stock which is doing well. Looks like has already moved up, my target I think would be exceeded. It can climb to levels closer to Rs 165-175 zones; the more time you give, the more it goes up. Stop loss below Rs 155 should be fine, it has already gone up."
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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