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Last Updated : May 30, 2017 10:54 AM IST | Source: CNBC-TV18

Support for Nifty at 9540; buy Mahindra & Mahindra, NIIT Tech: Prakash Gaba

According to Prakash Gaba of prakashgaba.com, Nifty has support at 9540 and resistance at 9660-9713 while Bank Nifty has support at 23000 and resistance at 23500.


Prakash Gaba of prakashgaba.com

Key levels to watch out today

Nifty (9634)

Close

Support: 9540

Resistance: 9660-9713

Bank Nifty (23183)

Support: 23000

Resistance: 23500

Stocks

Bullish Plays

Mahindra & Mahindra: Indicator Buy

Target: Rs 1380

Stop loss: Rs 1346

NIIT Tech: Momentum Pull

Target: Rs 530

Stop loss: Rs 500

Bearish Plays

HDIL: Exhaustion

Target: Rs 80

Stop loss: Rs 86

Rural Electrification Corporation: Breakdown

Target: Rs 190

Stop loss: Rs 202

"Aurobindo Pharma is looking good to me and the way it is trading it looks like it is heading to levels closer to Rs 580 to Rs 590 zone. The bar that is generated today, it tells me that it has bottomed out and it is going up. We may get dips but those dips would be buying opportunity. The target that I have is between Rs 580 to Rs 600. It may take its own sweet time but it is a buy on dip stock."

"Divis Laboratories also looks good. It is purely a trading play. It can climb to levels closer to around Rs 590-600 zones. It may take a day or two for that, stop loss below Rs 560 should be fine," he added.

"A stock that is looking weak is NALCO. It looks like it can slide down to levels closer to Rs 66 first and then maybe Rs 65 in a day or two. Strong resistance at Rs 68 - that's the place I would stop and trade short."

"I like Bata India. It has seen good bottom at Rs 530 zones, traded sideways. It is going up. The target that I have on Bata is around Rs 575-580 zone. It may take its own sweet time, dips can be bought and have a stop loss somewhere below the levels of Rs 540 and trade long."

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First Published on May 30, 2017 07:47 am
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