The Bulls remained in control of D-Street despite a mild intraday correction on Monday and closed near its highest point of the day making a bullish candle on the daily candlestick charts. The Nifty50 opened at 9,587.95 and rallied above its crucial resistance level of 9,600 to hit its intraday high of 9624. It slipped marginally in mid-morning trade towards 9,543.55 from its previous close but closed towards its highest point of the day at 9,615, up 94 points.
If the index sustains above 9,580-9,600 in the next few trading session then a bigger rally towards 9,700 could be on charts. The Nifty closed 94 points higher or 0.99 percent at 9,615. According to Pivot charts, the key support level for Nifty50 is placed at 9,564, followed by 9,513. If the index starts to move higher then key resistance levels to watch out are 9,644, followed by 9,674.
Nifty Bank closed 61 points higher or 0.27 percent at 23,22 on Monday. Important Pivot level which will act as crucial support for the index is placed at 23,168 followed by 23,063. On the upside, the key resistance level is 23,353 followed by 23,434.
According to Technical Analyst Prakash Gaba of prakashgaba.com, technically one can see some upside to around 9560. Crucial support exists at 9439. The Nifty opened with a bull gap and climbed up without yielding trapping the shorts to close positive for the day. Technically, now 9540 is a strong support to work with and upside to 9660 is a possibility and it is the banks that hold the key. The crucial support for the Nifty is at 9660 and the resistance is at 9560. Bank Nifty has support at 23100 and resistance at 23500.
Below are the bullish plays Prakash Gaba is betting on today:
Marico: Breakout | Rating: Buy | Target: Rs 330, stop loss: Rs 320
Raymond: Breakout | Rating: Buy | Target: Rs 780, stop loss: Rs 756
Shree Cements: Indicator Buy | Rating: Buy | Target: Rs 18000, stop loss: Rs 17300
UPL: Breakout | Rating: Buy | Target: Rs 870, stop loss: Rs 850
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