The Nifty rose to 10,340.55 which made a small upper shadow and slipped nearly 100 points to hit intraday low of 10,240, which made a long lower shadow. The index closed 87 points higher at 10,295.35 which was below its opening level of 10,321.15.
The Nifty closed at 10,295.3 on Wednesday. According to Pivot charts, the key support level is placed at 10,243.97, followed by 10,192.63. If the index starts to move higher, key resistance levels to watch out are 10,343.57 and 10,391.83.
The Nifty Bank closed at 25,035.9 on Wednesday. Important Pivot level, which will act as a crucial support level for the index, is placed at 24,678.53, followed by 24,321.17. On the upside, key resistance levels are 25,275.53, followed by 25,515.17.
The Nifty futures on the Singaporean stock exchange were trading lower by around 25.50 points at 10268, a fall of around 0.25 percent.
Acccording to Technical Analyst Prakash Gaba of prakashagaba.com, 10180 is strong support for Nifty to work with and upside to 10385-10486 is a possibility. The crucial support for the Nifty is at 10180 and the resistance is at 10385-10486.
Below are the stocks which are good buys today:
Gujarat State Fertilizers & Chemicals: Breakout | Rating: Buy | Target: Rs 160, stop loss: Rs 148
Jindal Steel & Power: Indicator Buy | Rating: Buy | Target: Rs 170, stop loss: Rs 160
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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