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Nifty may face resistance at 9724; 4 stocks to bet on today

According to Prakash Gaba of prakashgaba.com, crucial support for the Nifty is at 9630-9580 and the resistance is at 9724 and he picks Hindustan Zinc, Nalco and TVS Motor as bullish plays and HDIL as a bearish play.

June 09, 2017 / 11:09 AM IST

Benchmark indices ended the session on a negative note, with the Nifty closing below 9650-mark.

The Nifty closed 16 points lower or 0.17 percent at 9,647.25. According to Pivot charts, the key support level for Nifty50 is placed at 9,629, followed by 9,611. If the index starts to move higher then key resistance levels to watch out are 9,676, followed by 9,706.

Nifty Bank closed 31 points lower or 0.13 percent at 23,536 on Thursday. Important Pivot level which will act as crucial support for the index is placed at 23,480 followed by 23,424. On the upside, the key resistance level is 23,625 followed by 23,714.

According to Technical Analyst Prakash Gaba of prakashgaba.com, the next logical target would be 9724. The Nifty traded with volatility but closed flat for the day managing to stay above our crucial support of 9630. Technically, the Nifty is in a sideways mode and is not yielding as yet and so 9630 and 9580 are still strong supports to deal with. The crucial support for the Nifty is at 9630-9580 and the resistance is at 9724.

Below are some of the bullish and bearish stock calls which Prakash Gaba is betting on:

Close

Bullish Plays

Hindustan Zinc | Rating: Buy | Target: Rs 243, stop loss: Rs 235

National Aluminium Company | Rating: Buy | Target: Rs 69, stop loss: Rs 65

TVS Motor Company: | Rating: Buy | Target: Rs 557, stop loss: Rs 538

Bearish Plays:

HDIL | Rating: Buy | Target: Rs 85, stop loss: Rs 90

Prakash Gaba also said, "There will be an upmove today on Reliance Industries possibly on the upside because there is so much of contraction, expansion has to take place. If that happens, RIL can climb to levels closer to Rs 1,350 to Rs 1,360 zones."

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd

"Cipla is looking good to me. It can climb up, I also like Aurobindo Pharma, it has seen a good upmove and perhaps we can see Aurobindo climbing to levels closer to Rs 640."

"Adani Ports looks weak and you can see a slide to levels closer to Rs 345-350 zones. Even TCS looking weak, it can slide down to levels close to Rs 2,460, so I will be short here."

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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