The Nifty rose to an intraday high of 9865.95 which was also the highest point of the day. It witnessed selling pressure which dragged the Nifty lower towards 9,783, but last minute buying ensure the index to close above 9,800.
The Nifty closed at 9,837.4, down over 66 points on Friday. According to Pivot charts, the key support level is placed at 9,792.05, followed by 9,746.7. If the index starts to move higher, key resistance levels to watch out are 9,874.35 and 9,911.3.
The Nifty Bank closed 162.8 points lower at 24,074.45 on Friday. Important Pivot level, which will act as crucial support for the index, is placed at 23,956.8, followed by 23,839.2. On the upside, key resistance level is 24,161.1, followed by 24,247.8.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the last hour of trading on Friday is suggestive of short covering up move and so some more down side is not ruled out but if it climbs up then it is likely to find some resistance near 9911. The crucial support for the Nifty is at 9780-9750 and the resistance is at 9911-9965. Bank Nifty on the other hand has support at 23750 and resistance at 24250.
Below are the stocks which can buy good buys and sell today:
Bullish Plays
Ambuja Cements: Indicator Buy | Rating: Buy | Target: Rs 282, stop loss: Rs 273
Bharti Airtel | Rating: Buy | Target: Rs 430, stop loss: Rs 417
Kajaria Ceramics: Indicator Buy | Rating: Buy | Target: Rs 667, stop loss: Rs 630
Bearish Play
Fortis Healthcare: Break down | Rating: Sell | Target: Rs 140, stop loss: Rs 149
"ICICI Bank looks good to me. It can climb to levels closer to Rs 303-305 zones. It may take a day or two for Rs 305, keep stop loss below Rs 295. Banks are looking up."
"Tata Consultancy Services (TCS) is another stock that I like. It has seen a good base formation. I think it is climbing to levels closer to Rs 2,565-2,575 zones, keep stop loss below Rs 2,493."
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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