Nifty to open gap down with crucial support at 10300; buy NMDC, Pidilite: Prakash Gaba
According to Technical Analyst Prakash Gaba of prakashgaba.com, the crucial support for the Nifty is at 10300-10260 and the resistance is at 10410-10585. On the other hand, Bank Nifty has support at 25700 and resistance at 26200.
The Nifty started the day on Wednesday on a positive note but failed to keep the momentum going and witnessed selling pressure at higher levels. The index made a bearish candle for the second consecutive day in a row.
The index opened at 10,376 and rose slightly to hit its intraday high of 10,392.95. It slipped below its crucial support placed around 10,350 to 10,345 before closing the day at 10,361, down 8 points.
On the options front, maximum Put OI was seen at 10000 and 10300 strikes while maximum Call OI is at 10500 followed by 10400 strikes.
The Nifty50 futures on the Singapore Stock Exchange were trading 48 points lower at 10312 indicating a negative opening for the domestic market.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the crucial support for the Nifty is at 10300-10260 and the resistance is at 10410-10585. On the other hand, Bank Nifty has support at 25700 and resistance at 26200.
Below are the stocks which are good buys today:
NMDC: Indicator Buy | Rating: Buy | Target: Rs 132, stop loss: Rs 126
Pidilite Industries: Base Formation | Rating: Buy | Target: Rs 870, stop loss: Rs 840
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