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The Nifty witnessed last minute recovery which pushed the index back above 10,000 level on Friday making a bullish candle. The index opened at 9996.55 and rose to an intraday high of 10,026.05. It quickly lost momentum at higher levels and slipped to an intraday low of 9,944.50 before closing 6.05 points lower at 10,014.50.
The Nifty on Friday closed at 10014.5. According to Pivot charts, the key support level for Nifty is placed at 9,913.5, followed by 9,964. If the index starts to move higher then key resistance levels to watch out are 10,045.5, followed by 10,076.5.
The Nifty Bank closed 111 points lower at 24,811.30 on Friday. Important pivot level, which will act as crucial support for the index is placed at 24,688.34 followed by 24,565.37. On the upside, the key resistance level is 24,897.04 followed by 24,982.77.
According to Technical Analyst Prakash Gaba of prakashgaba.com, technically the trend is still up and some more sideways action is still not ruled out as long as 9920 holds. The crucial support for the Nifty is at 9920 and the resistance is at 10036-10069. On the other hand, Bank Nifty has support at 24650 and resistance at 25550.
Below are the 4 stocks which can be traded for good returns:
Bullish Plays:
Havells India: Base Formation | Rating: Buy | Target: Rs 495, stop loss: Rs 465
IRB Infra: Breakout | Rating: Buy | Target: Rs 232, stop loss: Rs 220
Bearish Plays:
Larsen & Toubro: Exhaustion | Rating: Sell | Target: Rs 1130, stop loss: Rs 1170
Sun Pharma: Breakdown | Rating: Sell | Target: Rs 540, stop loss: Rs 560
"I would like to go with Asian Paints. Looks like a good sideways move and upmove has started out here, Asian Paints can climb to levels closer to Rs 1,175 zone, stop below Rs 1,150 should be fine. I also like Muthoot Finance. That is looking good, looks like it is heading to levels close to Rs 495-500 zone, may take a day for that, keep stop below Rs 470."
Disclaimer: 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.
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