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The Nifty50 opened at 10,056.85 and rose to an intraday high of 10,097.55 before closing the day at 10,093, up 87 points. It slipped to hit its intraday low of 10,056 which resulted in slightly long lower shadow. The Index closed near its crucial resistance level of 10,100 and is on track to hit fresh record highs in coming sessions.
The Nifty closed at 10,0093 on Tuesday. According to Pivot charts, the key support level is placed at 10,048.17, followed by 10,003.33. If the index starts to move higher, key resistance levels to watch out are 10,117.67 and 10,142.33.
The Nifty Bank closed at 24,784.7 on Tuesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,685.09, followed by 24,585.5. On the upside, key resistance levels are 24,852.79, followed by 24,920.9.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still intact and the next logical technical target is 10138. The crucial support for the Nifty is at 10020 and the resistance is at 10138-10150. Bank Nifty on the other hand has support at 24600 and resistance at 25000.
Below are the stocks which are good buys today:
Escorts: Breakout | Rating: Buy | Target: Rs 700, stop loss: Rs 660
Exide Industries: Breakout | Rating: Buy | Target: Rs 233, stop loss: Rs 223
"BPCL certainly is looking good. It looks like it is running and maybe we can see levels closer to Rs 550 zones, keep stop loss below Rs 520."
"I have a buy on India Cements. Good up move, consolidation and a fresh breakout has come in. Looks like India Cement is climbing to levels closer to Rs 200-205 zones, keep stop loss below Rs 186."
"On Monday, Tata Power did a very good move, so I think there is an upside here to maybe around Rs 84-85 zones. Only thing is dips could be bought, certainly the stock looks good to me."
"I certainly like Ashok Leyland, it has seen a good consolidation for 10 months in the region of around Rs 80-85 zones, I think it is heading to levels closer to more than Rs 130. It is a matter of time."
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