Tech View: Expect weakness below 5,680
Last close: 5,686
The Nifty has retraced after testing resistance around the higher end of the Bollinger Band. The index is likely to exhibit fresh weakness on sustained trade below 5,680. The bias is likely to be bearish as select momentum oscillators like the Stochastic Slow and the 14-day RSI have given negative divergence on the daily charts. On Monday, the NSE index is likely to seek support around 5,655-5,640, while face resistance around 5,715-5,735.
Last close: Rs 149
Target: Rs 144
Educomp Solutions is likely to trade with a negative bias in the near term. Look to short the stock on rise with a stop at Rs 151. On the downside, the stock can slip to Rs 144.
Last close: Rs 615
Target: Rs 630
HCL Technologies is likely to trade with a positive bias in the near term. The stock has near support at Rs 610, and on the upside can rally to Rs 630.
Last close: Rs 1,059
Target: Rs 1,036
ICICI Bank has given a fresh break-down on the daily charts. The stock has near resistance around Rs 1,066, and the bias is likely to remain bearish as long as the stock trades below Rs 1,080. On the downside, the stock can slip to Rs 1,036.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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