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

Moneycontrol News

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.