Tech View: Bias to remain positive above 5,000
Failure to cross 5,090 can derail the Nifty rally
Last close: 5,068
The Nifty rallied sharply in the last one-hour of trades to end higher for the fifth straight trading sessions. In the process, the index closed above its long-term moving average, which is at 5,064, but below its medium-term moving average, which is at 5,090. The bias is likely to remain positive as long as the index sustains above the 5,000-mark. On the other hand, the bias can turn bearish, in case, the index fails to cross 5,090. On Monday, the Nifty is likely to seek support around 5,035-5,010, while face resistance around 5,100-5,125.
Last close: Rs 655
Target: Rs 670
HDFC has registered some more gains in the near term. Select momentum oscillators are favouring the bulls for now. The stock is likely to get considerable support around Rs 647. On the upside, the stock is likely to target Rs 670.
Last close: Rs 440
Target: Rs 452
Jindal Steel seems to be making a significant bottom on the weekly charts. The stock is likely to get considerable support around Rs 430-odd levels. Look to buy the stock on dips for target of Rs 542. In the medium-term the stock can rally to Rs 475.
Last close: Rs 1,231
Target: Rs 1,255
TCS has been trading above its short-term moving average for the last three days. The stock is likely to trade with a positive bias as long as it sustains above Rs 1,225. On the upside, the stock can jump to Rs 1,255.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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