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Selling pressure may drag Nifty to 9500 with key support at 9685; sell DCB, Escorts

Prakash Gaba of prakashgaba.com feels that crucial support for the Nifty is at 9685 and the resistance is at 9860-9911 while he has four sell calls including DCB Bank, Escorts, JSPL and NIIT Technologies.

August 22, 2017 / 08:08 AM IST
 
 
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The Nifty closed at 9,754.35, down 83.05 points on Monday. According to Pivot charts, the key support level is placed at 9,701.52, followed by 9,648.68. If the index starts to move higher, key resistance levels to watch out are 9,845.77 and 9,937.18. If the selling pressure takes the index below its crucial support level of 9,685-9,720, then a drop towards 9500 is possible.

The Nifty Bank closed 137.95 points lower at 23,936.05 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 23,792.83, followed by 23,649.17. On the upside, key resistance level are 24,169.54, followed by 24,402.57.

According to Technical Analyst Prakash Gaba of prakashgaba.com, for Nifty the level of 9685 is under threat. The crucial support for the Nifty is at 9685 and the resistance is at 9860-9911. Bank Nifty on the other hand has support at 23750 and resistance at 24250.

Below are the 4 stocks which can be sold today:

DCB Bank: Indicator Sell | Rating: Sell | Target: Rs 170, stop loss: Rs 184

Close

Escorts: Indicator Sell | Rating: Sell | Target: Rs 580, stop loss: Rs 620

Jindal Steel & Power: Breakdown | Rating: Sell | Target: Rs 128, stop loss: Rs 138

NIIT Technologies: Break down | Rating: Sell | Target: Rs 475, stop loss: Rs 495

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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