The Nifty which opened at 10,139.60 rose to an intraday high of 10,158.90 but then bears took control over the D-Street and pushed the index below 10,100. The index bounced back from its 13-days exponential moving average placed around 10,060 before closing at 10,121 down 19 points.
The Nifty closed at 10,121.9 on Thursday. According to Pivot charts, the key support level for Nifty is placed at 10,067.37, followed by 10,012.83. If the index starts to move higher, key resistance levels to watch out are 10,167.67, followed by 10,213.43.
The Nifty Bank closed at 24,799.2 on Thursday. The important Pivot level which will act as crucial support for the index is placed at 24,672.89 followed by 24,546.6. On the upside, the key resistance level is 24,958.99, followed by 25,118.8.
The Nifty50 futures on the Singapore Stock Exchange were trading 54 points lower at 10086 indicating a negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, there is a little sluggishness witnessed in the Nifty and so I would look for 10000 as a psychological support and resistance at 10180-10211. The crucial support for the Nifty is at 10115-10000 and the resistance is at 10211. Bank Nifty on the other hand has support at 24600 and resistance at 25000.
Here are the top stocks to buy or sell today:
Ajanta Pharma: Base Formation | Rating: Buy | Target: Rs 1330, stop loss: Rs 1230
Schaeffler India: Indicator Buy | Rating: Buy | Target: Rs 5050, stop loss: Rs 4840
Lupin: Breakout | Rating: Buy | Target: Rs 1060, stop loss: Rs 1020
Grasim Industries: Indicator Sell | Rating: Sell | Target: Rs 1170, stop loss: Rs 1220
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