The Nifty opened on a muted note and failed to build momentum on the upside as bears took control of D-Street pushing the index below 10,200 on Tuesday.
The Nifty closed at 10,186.60 on Tuesday. According to Pivot charts, the key support level is placed at 10,158.73, followed by 10,130.87. If the index starts to move higher, key resistance levels to watch out are 10,231.23 and 10,275.87.
The Nifty Bank closed at 25,284.60 on Tuesday, down 73.7 points. Important Pivot level, which will act as crucial support for the index, is placed at 25,203.53, followed by 25,122.46. On the upside, key resistance level is 25,385.23, followed by 25,485.87.
The Nifty50 futures on the Singapore Stock Exchange were trading 31.5 points lower at 10196 indicating a negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the Nifty is at a place where it can bounce back if it has to, the place is just right but the confirmation will come if it starts to trade above 10270. If the index drifts down then it can slide to its next logical target of 10089 and 9994. The crucial support for the Nifty is at 10184-10089-9994 and the resistance is at 10270.
Bank Nifty on the other hand has support at 25100 and resistance at 25400.
Below are the stocks which are good trades today:
Colgate Palmolive: Indicator Buy | Rating: Buy | Target: Rs 1070, stop loss: Rs 1047
Hero MotoCorp: Base Formation | Rating: Buy | Target: Rs 3750, stop loss: Rs 3620
Take Solutions: Indicator Buy | Rating: Buy | Target: Rs 170, stop loss: Rs 155
Petronet LNG: Exhaustion | Rating: Sell | Target: Rs 250, stop loss: Rs 265
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