The Nifty started on a muted note on Tuesday but succumbed to selling pressure in morning trade. The index managed to bounce back from its 5-days exponential moving average (DEMA) placed around 10,363 and made a small bearish candle on the daily charts.
The Nifty opened at 10,387 and rose to an intraday high of 10,409.55 but then bears took control and pushed the index towards its 5-DEMA to hit an intraday low of 10,355.20. It finally closed 29 points lower at 10,370.25.
India VIX marginally moved up by 0.90 percent at 13.14. VIX has to cool down below 13-12.50 zones to get the market stability and the next round of rally towards new high territory.
The Nifty50 futures on the Singapore Stock Exchange were trading 23.5 points higher at 10393 indicating a positive opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the crucial support for the Nifty is at 10300-10260 and the resistance is at 10410-10585. Bank Nifty on the other hand has support at 25700 and resistance at 26200.
Below are the stocks which are good trades today:
Hindustan Construction Company: Breakout | Rating: Buy | Target: Rs 42, stop loss: Rs 39
Apollo Hospitals | Rating: Sell | Target: Rs 1060, stop loss: Rs 1128
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