Prakash Gaba of prakashgaba.com is of the view that technically, the trend is still up and has not been compromised though it is stretched and so un-stretching is not ruled out. He feels that and the crucial support to watch still is 9580 and the resistance is at 9724.
Last Friday, the bulls managed to save the day for Nifty after it slipped towards its crucial support level of 9,600 on Friday. The Nifty closed 21 points higher or 0.22 percent at 9,668.25. The key support level for Nifty50 is placed at 9,625, followed by 9,582. If the index starts to move higher then key resistance levels to watch out are 9,693, followed by 9,718.
Nifty Bank closed 154 points higher or 0.66 percent at 23,690 on Friday. Important Pivot level which will act as crucial support for the index is placed at 23,542 followed by 23,393. On the upside, the key resistance level is 23,774 followed by 23,857.
According to Technical Analyst, Prakash Gaba of prakashgaba.com, technically the Nifty is in a sideways mode and is not yielding as yet and so 9630 and 9580 are still strong supports to deal with. The Nifty unfolded as expected taking care to take support at 9600 to close in the green. Technically the trend is still intact and has not been compromised though it is stretched and so un-stretching is not ruled out. He feels that and the crucial support to watch still is 9580 and the resistance is at 9724.
Below are some of the bullish plays he is betting on today:
Can Fin Homes: Bottom Formation | Rating: buy | Target: Rs 3100, stop loss Rs 2950
Maruti Suzuki: Indicator Buy | Rating: buy | Target: Rs 7600, stop loss Rs 7380
Piramal Enterprises: Momentum Pull | Rating: buy | Target: Rs 3100, stop loss Rs 2890
Tata Steel: Rating: buy | Target: Rs 525, stop loss Rs 505
Just Dial: Rating: Sell| Target: Rs 400, stop loss Rs 424Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.The Great Diwali Discount!
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