Wednesday, 30 August 2017

Nifty likely to open gap up with key support at 9740; top 4 stocks to trade today

According to Prakash Gaba of prakashgaba.com, 9740 is a very crucial support and breach of 9740 could bring in more selling while stiff resistance exists at 9912. He recommends buying Oil India while advises selling HCL Tech, Bharat Financial Inclusion and Hindalco Industries.

NIFTY STOCK TIPSThe Nifty closed 116 points lower or 1.18 percent at 9,796. According to Pivot charts, the key support level for Nifty50 is placed at 9,757, followed by 9,718. If the index starts to move higher then key resistance levels to watch out are 9,861, followed by 9,925.

Nifty Bank closed 248 points lower or 1.02 percent at 24,128 on Tuesday. Important Pivot level which will act as crucial support for the index is placed at 24,047 followed by 23,966. On the upside, the key resistance level is 24,265 followed by 24,401. NIFTY STOCK TIPS

Nifty is likely to open higher today tracking positive handover ffrom Wall Street after recovering from steep early losses triggered by fears that hostilities in the Korean Peninsula could escalate.

If the index sustains below 9775 levels then the selling pressure could drag the index towards 9,720 and then towards 9,685 levels.

According to Technical Analyst Prakash Gaba of prakashgaba.com, 9740 is a very crucial support and breach of 9740 could bring in more selling while stiff resistance exists at 9912. The crucial support for the Nifty is at 9740 and the resistance is at 9965. On the other hand, Bank Nifty has support at 23950 and resistance at 24348.

Here are the 4 stocks which can be good buy and sells for today:

Bullish Play

Oil India Limited: Indicator Buy | Rating: Buy | Target: Rs 295, stop loss: Rs 286

Bearish Plays

Bharat Financial Inclusion: Exhaustion | Rating: Sell | Target: Rs 827, stop loss: Rs 876

Hindalco Industries | Rating: Sell | Target: Rs 221, stop loss: Rs 233

HCL Technologies: Breakdown | Rating: Sell | Target: Rs 835, stop loss: Rs 865

Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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