Strong support for Nifty at 9540; 4 stocks which can give decent returns today: Gaba

Moneycontrol News

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.