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The Nifty, which came within kissing distance of its previous record high of 10,137, came under selling pressure in the last 90 minutes of trade and closed below its crucial support level of 10,100 making a ‘Spinning Top’ kind of pattern on charts. The Nifty opened at 10,099 and rose to an intraday high of 10,131.95. It slipped to an intraday low of 10,063.15 which made a small lower shadow. It closed 13 points lower at 10,079.30.
The Nifty closed at 10,079 on Wednesday. According to Pivot charts, the key support level is placed at 10,051.0, followed by 10,022.7. If the index starts to move higher, key resistance levels to watch out are 10,119.8 and 10,160.3.
The Nifty Bank closed at 24,831.8 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,730.14, followed by 24,628.47. On the upside, key resistance levels are 24,941.14, followed by 25,050.47.
The Nifty50 futures on the Singapore Stock Exchange were trading 13 points lower at 10088 indicating a flat opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, it will not be a surprise if the market goes into a consolidation. The crucial support for the Nifty is at 10028-9996 and the resistance is at 10138-10150. On the other hand, Bank Nifty has support at 24600 and resistance at 25000-25100.
Below are the stocks which can be picked up as good buys for today:
Rural Electrification Corporation: Breakout | Rating: Buy | Target: Rs 180, stop loss: Rs 168
Sun Pharmaceutical Industries: Indicator Buy | Rating: Buy | Target: Rs 530, stop loss: Rs 490
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