The Nifty lost momentum after hitting a record high of 10,114.85 on the F&O expiry day on Thursday and closed flat with a slight negative bias, making a bearish candle. The index opened with a gap on the higher side at 10,063.25 and rallied to a record high of 10,114.85. It slipped to 10,005.50 in the second half of the trading session before closing the day at 10,020.55.
The Nifty closed above 10,000 again at 10,020.55 on Thursday. According to Pivot charts, the key support level is placed at 9,979.07, followed by 9,937.63. If the index starts to move higher, key resistance levels to watch out are 10,088.37 and 10,156.23.
The Nifty Bank closed 251.7 points higher at 24922.4 on Thursday. Important Pivot level, which will act as crucial support for the index, is placed at 24,803.8, followed by 24,685.2. On the upside, key resistance level is 25,036.6, followed by 25,150.8.
According to Prakash Gaba of prakashgaba.com, technically the trend is still up as long as 9920 holds. However, the bar generated is a profit booking bar and so some sideways action is not ruled out. 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 24775 and resistance at 25550.
Below are the 4 stocks which can be good buys, sells today:
Bharat Financial Inclusion: Indicator Buy | Rating: Buy | Target: Rs 850, stop loss: Rs 810
India Cements: Base Formation | Rating: Buy | Target: Rs 225, stop loss: Rs 212
Divis Labs: Breakdown | Rating: Sell | Target: Rs 650, stop loss: Rs 680
Hindustan Zinc: Exhaustion | Rating: Sell | Target: Rs 265, stop loss: Rs 283
"Apollo Hospitals looks good. It can climb to levels closer to Rs 1,340 zones, stop below Rs 1,280-1,282 should be fine."
"Bharti Airtel looks weak. It can slide down to levels closer to Rs 398, keep stop loss above Rs 413."
"I like two stocks. M&M Financial certainly is looking good. It has seen a good up move a few days back and today it is holding out. Looks like it is climbing to levels closer to Rs 415-420 zones, stop below Rs 395 should be fine."
"GAIL India is another stock, looks like it is building up here and a good base formation out here. Target on the upside is Rs 393, keep stop loss below Rs 378."
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