Hot Stocks | NIIT Tech, Bajaj Auto, Berger Paints three intraday trading ideas

After witnessing a strong opening, the market failed to hold on to the gains but still managed to defend the previous day’s lows on July 15.

Now, 10,820-10,830 is likely to remain a crucial resistance in the near term for Nifty, given the crucial Fibonacci ratio resistance from the highs of 10,894 and 10,550 which is the recent high and low.

Nifty failed to conquer the upward sloping short-term uptrend below which it broke on July 14th and as expected it acted as a stiff resistance.

Having said that, since the benchmark is still managing to hold above its 200-day EMA which is at 10,531, and as the price pattern also offers multiple supports around 10,500-10,550, we can still expect a buying interest at the lower end of the range.

Meanwhile, the global mood also looks supportive, therefore, we would recommend a 'buy' on Nifty at 10,550 for the target of 10,750 and stop loss below 10,480 for July 16.