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Tech View: Bulls still have the upper-hand

Rex Cano/Mumbai 09 Nov 12 | 08:20 AM

The weekly charts indicate a target of 5,900 for the Nifty

Last close: 5,739

Despite the sharp cut at the opening bell, the NSE Nifty bounced back smartly after testing support around its short-term moving average. The bulls are likely to have the upper-hand as long as the index sustains above 5,685. The weekly charts are fairly bullish and indicate a target of around 5,900-odd levels. On Friday, the NSE index is likely to seek support around 5,720-5,705, while face resistance around 5,755-5,770.

Gail India
Last close: Rs 358
Target: Rs 368

Gail India is trading near crucial support of Rs 355-odd levels. Select momentum oscillators are in favour of an up move. Look to buy the stock on dips for an upside target of Rs 368.

Hindustan Unilever
Last close: Rs 534
Target: Rs 545

Hindustan Unilever has been consolidating in sideways pattern for the last three trading days. Select momentum oscillators have turned favourable for the stocks. Look to buy the stock on dips with a stop at Rs 527, and an upside target of Rs 545.

Reliance Communications
Last close: Rs 58.50
Target: Rs 62

Reliance Communications has witnessed a steady climb in the last few trading sessions. The stock is on the verge of a fresh break-out. Look to trade the stock with a positive bias with a stop at Rs 57. On the upside, the stock can soar to Rs 62.

Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.

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