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Nifty likely to remain sluggish, support at 9900; buy HUL, IndusInd Bk: Prakash Gaba

According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still up and there is a good chance that some sluggishness may creep in these upper regions. The crucial support for the Nifty is at 9900 and the resistance is at 10041-10080. On the other hand Bank Nifty has support at 24000 and resistance at 24312-24400.

October 10, 2017 / 11:31 AM IST

The Nifty opened at 9988.20 and closed virtually at the similar level at 9988.75 thus forming a Doji pattern. It rose to an intraday high of 10,015.75 making an upper shadow and fell to an intraday low of 9959.45 which makes for the long lower shadow.

According to Pivot charts, the key support level is placed at 9,960.2, followed by 9,931.65. If the index starts to move higher, key resistance levels to watch out are 10,016.55 and 10,044.35.

The Nifty Bank closed at 24,251.9. Important Pivot level, which will act as crucial support for the index, is placed at 24,168.3, followed by 24,084.7. On the upside, key resistance levels are 24,323.3, followed by 24,394.7.

The Nifty50 futures on the Singapore Stock Exchange were trading 0.5 points higher at 10022 indicating a flat opening for the domestic market.

According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still up and there is a good chance that some sluggishness may creep in these upper regions. The crucial support for the Nifty is at 9900 and the resistance is at 10041-10080. On the other hand Bank Nifty has support at 24000 and resistance at 24312-24400.

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Below are the stocks which are top buys today:

Hindustan Unilever: Indicator Buy | Rating: Buy | Target: Rs 1240, stop loss: Rs 1207

IndusInd Bank: Indicator Buy | Rating: Buy | Target: Rs 1740, stop loss: Rs 1680

"Ceat certainly is looking good. It can climb to levels closer to around Rs 1,790 zones, keep stop loss below Rs 1,740. It is a continuation move."

"Dabur India is another stock which is holding out, a very strong support is in the regions of Rs 315. It can climb to levels of Rs 328."

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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