The Nifty, rose to a record high in opening tick and came under pressure on Tuesday and closed in negative terrain, thus making a bearish candle on the daily candlestick charts. The index which opened at 10,175.60 rose to a record high of 10,178.95 but bears took control of market, which pushed the index towards its intraday low of 10,129. It closed 5 points lower at 10,147.
According to Pivot charts, the key support level for Nifty is placed at 10,125.33, followed by 10.103.17. If the index starts to move higher, key resistance levels to watch out are 10,174.33, followed by 10,201.17.
The Nifty Bank closed at 25,041.6 on Tuesday. The important Pivot level which will act as crucial support for the index is placed at 24,988.6 followed by 24,935.6. On the upside, the key resistance level is 25,099.0, followed by 25,156.4.
The Nifty50 futures on the Singapore Stock Exchange were trading 11 points lower at 10155 indicating a flat opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, crucial support for the Nifty is at 10115 and the resistance is at 10211. Bank Nifty on the other hand has support at 24940 and resistance at 25200.
Below are the stocks which can be good picks today:
Chennai Petroleum Corporation: Indicator Buy | Rating: Buy | Target: Rs 465, stop loss: Rs 442
GAIL India: Indicator Buy | Rating: Buy | Target: Rs 435, stop loss: Rs 415
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