The Nifty, which rose to a record high of 9,782.15, witnessed some bit of volatility as NSE remained shut for almost three hours on account of technical glitch on Monday.
The index broke above previous record high of 9,709 and made a strong bullish candle on charts which now opens the deck for 10,000 levels on the Nifty in the short term.
The Nifty which opened at 9,719.30 rose to a record high of 9,782.15. It slipped to 9,646.45 before closing at 9,771.05, up 105.25 points.
The Nifty closed 105.25 points higher or 1.09 percent at 9,771.50. According to Pivot charts, the key support level for Nifty is placed at 9,684.29, followed by 9,597.52. If the index starts to move higher then key resistance levels to watch out are 9,819.99, followed by 9,868.92.
Nifty Bank closed 225.9 points higher or 0.96 percent at 23,675.05 on Monday. Important pivot level, which will act as crucial support for the index is placed at 23,321.73 followed by 22,968.37. On the upside, the key resistance level is 23,996.63 followed by 24,318.17.
According to Technical Analyst Prakash Gaba of prakashgaba.com, technically the trend is still up. The Nifty opened with a bull gap and traded higher and closed in the green with four interruptions due to some technical glitch on NSE. Technically, the Nifty has given a breakout and the next logical technical target is 9816. The crucial support for the Nifty is at 9675 and the resistance is at 9816.
Below are some of the stocks Prakash Gaba is betting on:
Bosch: Indicator Buy | Rating: Buy | Target: Rs 24300, stop loss: Rs 23700
Eicher Motors: Indicator Buy | Rating: Buy | Target: Rs 28400, stop loss: Rs 27900
Larsen & Toubro: Breakout | Rating: Buy | Target: Rs 1760, stop loss: Rs 1714
Sun Pharma: Breakout | Rating: Buyl | Target: Rs 580, stop loss: Rs 559
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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