The Nifty opened at 10,160 and rose to an intraday high of 10, 171. It slipped nearly 40 points to its intraday low of 10,134 before closing the trade at 10,141 down 6 points. A breakout could take the index towards 10,200 and then further towards 10,300 while 10,080 will lend a strong support to the index. Investors are advised to hold their positions and add fresh longs only after a breakout.
The Nifty closed at 10,141.2 on Wednesday. According to Pivot charts, the key support level for Nifty is placed at 10,126.6, followed by 10,112.0. If the index starts to move higher, key resistance levels to watch out are 10,163.4, followed by 10,185.6.
The Nifty Bank closed at 24,965.1 on Wednesday. The important Pivot level which will act as crucial support for the index is placed at 24,918.07 followed by 24,871.04. On the upside, the key resistance level is 25,032.37, followed by 25,099.63.
The Nifty50 futures on the Singapore Stock Exchange were trading 24.50 points lower at 10143.50 indicating a flat to negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, crucial support for the Nifty is at 10115 and the resistance is at 10211 while Bank Nifty has support at 24800 and resistance at 25100-25200.
Here are the stocks which are top picks today:
ITC: Indicator Buy | Rating: Buy | Target: Rs 279, stop loss: Rs 268
Union Bank of India: Indicator Buy | Rating: Buy | Target: Rs 145, stop loss: Rs 137
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