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Resistance for Nifty at 9988; 4 stocks to buy as Nifty eyes Mount 10K: Prakash Gaba

Prakash Gaba of prakashgaba.com is of the view that crucial support for Nifty is at 9750 and the resistance is at 9977-9988. On the other hand Bank Nifty has support at 24000 and resistance at 24750.

August 17, 2017 / 08:43 AM IST
 
 
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The Nifty index managed to hold 9,975 levels and witnessed a strong rally of more than 100 points towards 9,900 zones. If the index sustains above 9,850 this week or month, chances of a bounce back towards 9,980-10,000 is possible. The Nifty opened at 9,825.85 and then slipped marginally to touch its intraday low of 9,773.85. It rose to an intraday high of 9,903.95 before closing the day 103 points higher at 9,897.30.

The Nifty closed at 9,897.3, up over 100 points on Wednesday. According to Pivot charts, the key support level is placed at 9,812.78, followed by 9,728.27. If the index starts to move higher, key resistance levels to watch out are 9,942.88 and 9,988.47.

The Nifty Bank closed 321 points higher at 24,437.7 on Wednesday. Important Pivot level, which will act as crucial support for the index, is placed at 24,103.0, followed by 23,768.3. On the upside, key resistance level is 24,616.8, followed by 24,795.9.

According to Technical Analyst Prakash Gaba of prakashgaba.com, 9750 now is strong support for the Index and 9977-9988 would be the logical technical targets. The crucial support for Nifty is at 9750 and the resistance is at 9977-9988. On the other hand Bank Nifty has support at 24000 and resistance at  24750.

Below are the 4 stocks which can give handsome returns today:

Close

Ambuja Cements: Base Formation | Rating: Buy | Target: Rs 275, stop loss: Rs 266

Apollo Tyres: Indicator Buy | Rating: Buy | Target: Rs 280, stop loss: Rs 265

Axis Bank: Indicator Buy | Rating: Buy | Target: Rs 515, stop loss: Rs 490

Cummins India: Breakout | Rating: Buy | Target: Rs 945, stop loss: Rs 900

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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