The Nifty50 which started on a flat note gained momentum but remained volatile throughout the trade on Thursday and closed with marginal gains. The index remained choppy for the most part of the trading session and finally closed with the marginal gains of 7 points at 10,086.60. It rose marginally to 10,126.50 but then witnessed selling pressure which took the index towards its intraday low of 10,070.35.
The Nifty closed at 10,086.6 on Thursday. According to Pivot charts, the key support level is placed at 10,062.43, followed by 10,038.27. If the index starts to move higher, key resistance levels to watch out are 10,118.63 and 10,150.67.
The Nifty Bank closed at 24,912.2 on Thursday. Important Pivot level, which will act as crucial support for the index, is placed at 24,820.37, followed by 24,728.53. On the upside, key resistance levels are 24,999.17, followed by 25,086.13.
The Nifty50 futures on the Singapore Stock Exchange were trading 57 points lower at 10066.50 indicating a negative opening for the domestic market.
According to Technical Analyst, Prakash Gaba of prakashgaba.com, we are back into consolidation as expected. 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 24800 and resistance at 25100.
Below are the top 4 stocks which are good buys today:
HCL Technologies: Breakout | Rating: Buy | Target: Rs 893, stop loss: Rs 870
Hindustan Construction Company: Indicator Buy | Rating: Buy | Target: Rs 41, stop loss: Rs 37
Strides Shasun: Indicator Buy | Rating: Buy | Target: Rs 1020, stop loss: Rs 960
Tata Motors: Breakout | Rating: Buy | Target: Rs 430, stop loss: Rs 390
"Coal India is looking good to me. It can climb levels to Rs 265. Godrej Industries is another stock. It looks like it is putting its head up. Possible target on the upside is Rs 660 and stop loss is below Rs 620."
"State Bank of India is showing a sign up. A possible target on the upside is Rs 280. It may take a day or two for that. It looks like a good base formation base is here."Disclaimer
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