Tech View: Up move likely to continue
The Nifty may look to test 5,300 in the near term
Last close: 5,279
The markets as expected broke out of the trading range with a positive gap following cues from the European bourses. The index has closed on the threshold of the higher end of the Bollinger Band. The momentum oscillators on the daily and the weekly charts, both, also support the up move. Hence, we may see further gains in the near term. On Monday, the Nifty is likely to seek support around 5,240-5,220, while on the upside can face resistance around 5,315-5,340.
Last close: Rs 174
Target: Rs 180
Ambuja Cement is likely to trade with a positive bias as long as the stock trades above Rs 170 in the near term. On the upside, the stock can jump to Rs 180.
Last close: Rs 120
Target: Rs 125
The momentum oscillators have turned fairly bullish for Hindalco on the daily charts. The stock can be considered to buy on dips with a stop at Rs 116.50. On the upside, the stock can surge to Rs 125.
Last close: Rs 311
Target: Rs 317
Tata Chemicals has closed above its short-term moving average. The stock is likely to trade with a positive bias as long as the stock trades above Rs 308. Look to buy the stock with a stop at Rs 307 for an upside target of Rs 317.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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