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The bulls managed to push the Nifty 50 back above its crucial level of 9,500 towards the close of the trade on Friday and made a small bullish candle on the daily charts. Late buying at crucial support levels is a positive sign. The Nifty witnessed a sharp intraday rally after a breakdown augurs well for market participants and has tilted the sentiment in favour of bulls.
The Nifty closed 16.8 points higher or 0.18 percent at 9,520. According to Pivot charts, the key support level for Nifty50 is placed at 9,467, followed by 9,414. If the index starts to move higher then key resistance levels to watch out are 9,554, followed by 9,588.
Nifty Bank closed 16 points lower or 0.07 percent at 23,211 on Friday. Important Pivot level which will act as crucial support for the index is placed at 23,053 followed by 22,896. On the upside, the key resistance level is 23,311 followed by 23,411.
According to Technical Analyst Prakash Gaba of prakashgaba.com, technically 9560 is a stiff resistance to deal with and downside to 9439 is also a possibility. The Nifty opened with a bear gap and traded down to take support near support and closed and traded up to close in the green. Technically, now we could see some upside to around 9560. Crucial support exists at 9439 and the resistance is at 9560-9591. On the other hand, Bank Nifty has support at 23400 and resistance at 23400.
Below are some of the stocks where Prakash Gaba is bullish on:
Axis Bank: Indicator Buy | Rating: Buy | Target: Rs 527, stop loss: Rs 512
Godfrey Phillips: Breakout | Rating: Buy | Target: Rs 1320, stop loss: Rs 1230
Titan Company: Rating: Buy | Target: Rs 535, stop loss: Rs 515
TVS Motor: Rating: Buy | Target: Rs 560, stop loss: Rs 545
Maruti Suzuki: Looking good | Rating: Buy | Target: Rs 7450, stop loss: Rs 7250
UPL: Looking good | Rating: Buy | Target: Rs 865, stop loss: Rs 844
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