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The Nifty yesterday ended volatile day with marginal gains but above its crucial resistance level of 9900 and made a bearish candle on daily charts as the closing level was less than the opening levels.
The Nifty opened at 9945.55 and closed 6.8 points higher from its previous close at 9,904.15. It remained volatile throughout the trading session.
The index rose to an intraday high of 9947.8 but bears quickly gained control and pushed it towards its crucial support of 9,880. It closed above its 10-days exponential moving average (DEMA) and 13-DEMA for the first time after six trading sessions.
The Nifty closed at 9,904.15, up over 6 points on Thursday. According to Pivot charts, the key support level is placed at 9,876.0, followed by 9,847.85. If the index starts to move higher, key resistance levels to watch out are 9,940.05 and 9,975.95.
The Nifty Bank closed 200 points lower at 24,237.25 on Thursday. Important Pivot level, which will act as crucial support for the index, is placed at 24,073.8, followed by 23,910.4. On the upside, key resistance level is 24,448.4, followed by 24,659.6.
According to Technical Analyst Prakash Gaba of prakashgaba.com, 9965-10005 is a possibility as long as 9780 holds. The crucial support for the Nifty is at 9780 and the resistance is at 9965-10005. Bank Nifty on the other hand has support at 24000 and resistance at 24750.
Below are the 4 stocks one can buy today for good returns:
Exide Industries: Short squeeze | Rating: Buy | Target: Rs 222, stop loss: Rs 209
Hexaware Technologies: Breakout | Rating: Buy | Target: Rs 287, stop loss: Rs 270
NTPC: Indicator Buy | Rating: Buy | Target: Rs 182, stop loss: Rs 173
Pennar Industries: Break out | Rating: Buy | Target: Rs 65, stop loss: Rs 57
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