The Nifty50 on Monday opened with a gap on the upside but failed to keep the momentum going as the Index closed near its opening level. After a volatile week, Nifty started on a positive note and reclaimed its crucial psychological resistance level of 9,900 and 20-days exponential moving average (DEMA) placed around 9,873, a positive sign for the bulls.
Infosys was the leading contributor to Sensex' gains, up 3.14 percent as analysts upgraded the stock after co-founder Nandan Nilekani joined the company again as non-executive chairman.
The Nifty50 opened at 9,907.15 and closed at 9,912.80. It rose to an intraday high of 9,925.75 and fell to an intraday low of 9,882. According to Pivot charts, the key support level is placed at 9,887.95, followed by 9,863.1. If the index starts to move higher, key resistance levels to watch out are 9,931.7 and 9,950.6.
The Nifty Bank closed 102.9 points higher at 24,377.1 on Monday. Important Pivot level, which will act as crucial support for the index, is placed at 24,311.47, followed by 24,245.84. On the upside, key resistance level are 24,432.57, followed by 24,488.04.
Technical Analyst Prakash Gaba of prakashgaba.com feels that 9860 is a crucial support to deal with and the logical target is 9965-10005 zone. The crucial support for Nifty is at 9860 and the resistance is at 9965. Bank Nifty on the other hand has support at 24250 and resistance at 24511-24670.
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Voltas: Indicator Buy | Rating: Buy | Target: Rs 550, stop loss: Rs 525
Dabur India: Indicator Buy | Rating: Buy | Target: Rs 325, stop loss: Rs 308
IIFL Holdings: Breakout | Rating: Buy | Target: Rs 630, stop loss: Rs 600
Cyient: Indicator Buy | Rating: Buy | Target: Rs 550, stop loss: Rs 525Disclaimer
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