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The Nifty50 closed flat with a slight negative bias on Friday after North Korea test-fired another missile that flew over Japan’s northern Hokkaido far out into the Pacific Ocean. The index witnessed selling pressure soon after it climbed its crucial resistance level of 10,100. The good part is that it closed above its 5-days exponential moving average (DEMA) placed at 10,0059.
The Nifty50 0pened at 10,062.35 dipped slightly towards its intraday low of 10043.65. It rose to 10,115.15 before closing the day at 10,085.40, down 1.2 points.
According to Technical Analyst Prakash Gaba of prakashgaba.com, Nifty looks like back into some consolidation. The crucial support for the Nifty is at 10028-9996 and the resistance is at 10138-10150. Bank Nifty on the other hand has support at 24800 and resistance at 25100.
Below are the stocks which are good buys today:
Oracle Financial: Indicator Buy | Rating: Buy | Target: Rs 3650, stop loss: Rs 3500
Syndicate Bank: Breakout | Rating: Buy | Target: Rs 74, stop loss: Rs 68
"UPL has given a breakout on Friday. Today it has sustained it. Dips in UPL can be bought. The target that I have is around Rs 855 to Rs 865 zones, it may take a couple of days for that, keep stop loss below Rs 825. These are the strong support zones, buy dips."
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