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Nifty likely to open on positive note; sell Coal India, Andhra Bank: Prakash Gaba

According to Technical Analyst Prakash Gaba of prakashgaba.com, the Nifty is still above the crucial 10000 mark and there is hope as long as that holds but in the short term there is a possibility that the Nifty can slide to further to 10043 and gap opening is not ruled out. The crucial support for the Nifty is at 10043-9972 and the resistance is at 10212. Bank Nifty on the other hand as support at 23611 and resistance at 24270.

October 23, 2017 / 11:41 AM IST

Weak global cues and muted earnings past week led to a sharp selloff on D-Street. The index made a strong bearish candle on the daily candlestick charts after a ‘Doji’ type pattern. The index went up in a straight line after it hit a low of 9,685 recorded on September 28 to a record high of 10,251 hit on October 17, just a few days before Diwali.

The Nifty closed down 64.40 points at 10,146.50 on Thursday, the first day of Samvat 2074. According to Pivot charts, the key support level is placed at 10,109.2, followed by 10,071.9. If the index starts to move higher, key resistance levels to watch out are 10,197.9 and 10,249.3.

The Nifty Bank closed at 24,009.75 on Thursday, down 304 points. Important Pivot level, which will act as crucial support for the index, is placed at 23,870.56; followed by 23,731.33. On the upside, key resistance levels are 24,202.16, followed by 24,394.53.

The Nifty futures on the Singaporean stock exchange were trading higher by around 15 points at 10182, a rise of around 0.15 percent indicating a flat to positive opening for the Indian stock markets.

According to Technical Analyst Prakash Gaba of prakashgaba.com, the Nifty is still above the crucial 10000 mark and there is hope as long as that holds but in the short term there is a possibility that the Nifty can slide to further to 10043 and gap opening is not ruled out. The crucial support for the Nifty is at 10043-9972 and the resistance is at 10212. Bank Nifty on the other hand as support at 23611 and resistance at 24270.

Close

Below are the stocks which are good sells today:

Andhra Bank | Rating: Sell | Target: Rs 52, stop loss: Rs 55

Coal India | Rating: Sell | Target: Rs 280, stop loss: Rs 290

"I like BPCL. It can climb to levels closer to Rs 535, keep stop loss below Rs 510. Nifty is holding out so maybe you should go in for longs."

"Second stock is Hindustan Zinc. It is looking good. Possible target on the upside could be Rs 335 zones, keep stop loss below Rs 322. It may take a day or two for that."

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.
first published: Oct 23, 2017 08:08 am
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