The Nifty50 witnessed some selling pressure after hitting a record high of 10,461.70 on Friday but bulls managed to push the index towards its opening level towards the close of the trade.
The Nifty closed at 10,452.5 on Friday. According to Pivot charts, the key support level is placed at 10,416.83, followed by 10,381.17. If the index starts to move higher, key resistance levels to watch out are 10,474.93 and 10,497.37.
The Nifty Bank closed at 25,650.7 on Friday. Important Pivot level, which will act as a crucial support level for the index, is placed at 25,465.23, followed by 25,279.77. On the upside, key resistance levels are 25,765.83 and 25,880.96.
The Nifty50 futures on the Singapore Stock Exchange were trading 44 points lower at 10442 indicating a negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still up, and the next logical technical target is 10486-10537 and beyond that to 10826 as long as 10385 holds. The crucial support for the Nifty is at 10385-10240 and the resistance is at 10486-537-10826. Bank Nifty on the other hand has support at 25400 and resistance at 25800.
Below are the stocks which are good buys today:Bajaj Finance: Indicator Buy | Rating: Buy | Target: Rs 1880, stop loss: Rs 1800
IndusInd Bank: Breakout | Rating: Buy | Target: Rs 1700, stop loss: Rs 1650
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