The crucial support for the Nifty is at 10260-10200 and the resistance is at 10350. Bank Nifty on the other hand has support at 25600 and resistance at 26000.
The bulls managed to pick up momentum as the Nifty closed above its crucial resistance level of 10,300 on Tuesday but lost steam towards the closing of the trading day.
The Nifty closed at 10,349.3 on Tuesday. According to Pivot charts, the key support level is placed at 10329.8, followed by 10,310.3. If the index starts to move higher, key resistance levels to watch out for are 10,362.8 and 10,376.3.
Nifty Bank closed at 25,800.4 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 25,773.03, followed by 25,773.03. On the upside, key resistance level is 25,849.43 followed by 25,898.46.
The Nifty50 futures on the Singapore Stock Exchange were trading 20 points higher at 10376 indicating a positive opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, 10350 is a stiff resistance for the NIfty and a slide to around 10260-10200 is not ruled out.
The crucial support for the Nifty is at 10260-10200 and the resistance is at 10350. Bank Nifty on the other hand has support at 25600 and resistance at 26000.
Below are the stocks which are good trades today:
Bata India: Base Formation | Rating: Buy | Target: Rs 800, stop loss: Rs 760
Jubilant Foodworks: Indicator Sell | Rating: Sell | Target: Rs 1650, stop loss: Rs 1750
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