The Nifty50 which opened flat and lost momentum managed to bounce back in the second half of the trading session as bulls managed to push the index back above 9,900. Nifty50 rose to 9924 which made a small upper shadow and slipped nearly 90 points to hit intraday low of 9,838, which made a long lower shadow. The index closed 41.95 points higher at 9,915.25.
The Nifty closed above 9,900-mark at 9,915.25, up 41.95 points higher on Friday. According to Pivot charts, the key support level is placed at 9,860.6, followed by 9,805.95. If the index starts to move higher, key resistance levels to watch out are 9,947.3 and 9,979.35.
Nifty Bank closed 43.7 points higher at 24,257.05 on Friday. Important Pivot level, which will act as crucial support for the index, is placed at 24,119.57, followed by 23,982.04. On the upside, key resistance level is 24,341.97 followed by 24,426.84.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the trend is still intact as long as 9792 holds and the next logical technical target is 9969. The crucial support for the Nifty is at 9792-9720 and the resistance is at 9969 while Bank Nifty has support at 24100 and resistance at 24300-24400.
Below are the stocks which can be bought today:
Strides Shasun: Breakout | Rating: Buy | Target: Rs 1100, stop loss: Rs 1065
Tata Motors: Indicator Buy | Rating: Buy | Target: Rs 471, stop loss: Rs 461
Tata Consultancy Services: Breakout | Rating: Buy | Target: Rs 2570, stop loss: Rs 2470
Titan Company: Breakout | Rating: Buy | Target: Rs 555, stop loss: Rs 540
"Allahabad Bank has formed a good pace, looks like the way it is trading, it can climb to levels closer to Rs 78 plus Rs 80 zone, stop below Rs 73 should be fine. IDFC is forming a base out here, looks like a good set up is going on here, target on the upside on IDFC is Rs 71 zone, keep stop below Rs 58."
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