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Tech View: Hold longs with stop at 5,550

Rex Cano/Mumbai 21 Nov 12 | 08:36 AM

Nifty
Last close: 5,571


The NSE Nifty has witnessed a consolidation in the near term, with support emerging around the lower end of the Bollinger Band. The 14-RSI is in neutral mode, while the Stochastic Slow is showing signs of a reversal. Hence, one can look to go long on dips with a stop around 5,550. On the upside, the index can bounce to 5,635-5,670. On Wednesday, the Nifty is likely to seek support around 5,545-5,530, while face resistance around 5,595-5,615.

Bank of Baroda
Last close: Rs 724
Target: Rs 711


Bank of Baroda has closed below its long-term (200-day DMA) moving average for the second straight day. The stock is likely to face resistance around Rs 731. On the downside, the stock can slip to Rs 711.

Glenmark
Last close: Rs 430
Target: Rs 450


The momentum oscillators seem to be in favour of Glenmark Pharma, both, on the daily and the weekly charts. Look to buy the stock on dips with a stop at Rs 420. On the upside, the stock can rally to Rs 450-odd levels.

Hindustan Unilever
Last close: Rs 520
Target: Rs 532


Hindustan Unilever seems to bouncing back after taking support around the 100-day DMA. The Stochastic Slow has already turned positive and the MACD is showing signs of bottoming-out. Look to buy the stock closer to Rs 515-odd levels for upside target of Rs 532.

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

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