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The Nifty which opened with a mild gap on the upside in morning trade on Monday hit a fresh record high of 9928.20 but moved in a narrow range throughout the trading session and made a small bull candle on the daily charts.
The Nifty closed above the 9900-mark for the first time ever on Monday. According to Pivot charts, the key support level is placed at 9,897.7, followed by 9,879.45. If the index starts to move higher, then key resistance levels to watch out are 9,931.2, followed by 9,946.45.
Nifty Bank closed over 77 points higher at 24015.05 on Monday. Important Pivot level which will act as crucial support for the index is placed at 23,930.5, followed by 23,845.9. On the upside, key resistance level is 24,082.9 followed by 24150.7.
According to Technical Analyst Prakash Gaba of prakashgaba.com, technically the trend is still up and has not been compromised and the next logical technical target in the days to come is 9969 as long as 9850 holds. The crucial support for the Nifty is at 9850 and the resistance is at 9969. On the other hand, Bank Nifty has support at 23900 and resistance at 24300.
Below are the stocks which Prakash Gaba bets on today:
Apollo Tyres: Base Formation | Rating: Buy | Target: Rs 260, stop loss: Rs 249
Adani Ports | Rating: Buy | Target: Rs 390, stop loss: Rs 380
Cipla: Breakout | Rating: Buy | Target: Rs 560, stop loss: Rs 550
Dewan Housing Finance: Breakout | Rating: Buy | Target: Rs 465, stop loss: Rs 450
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