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Tech View: Bulls to rule above 5,800

Rex Cano/Mumbai 30 Nov 12 | 09:15 AM

Last close: 5,727

The markets has witnessed a tear-away rally in the last two trading days, wherein the Nifty has now broken above the higher end of the Bollinger Band on the daily charts. The bias is likely to remain outwardly bullish as long as the index sustains above 5,800. In case, the index finds it way below 5,800 and is unable to get over it again, then we could see some profit taking. On Friday, the NSE index is likely to seek support around 5,785-5,765, while face resistance around 5,860-5,885.

Essar Oil
Last close: Rs 69.80
Target: Rs 72.50

Essar Oil has seen a fresh breakout on the daily charts. The bias is likely to remain positive as long as the stock sustains above Rs 69.10. On the upside, the stock can rally to Rs 72.50.

Gail India
Last close: Rs 344
Target: Rs 350

Gail India is likely to test Rs 350-odd levels soon. Select momentum oscillators are clearly in favour of an upside at the counter. Look to buy the stock on dips with a stop at Rs 339.

Reliance Industries
Last close: Rs 797
Target: Rs 812

Reliance Industries has jumped back above its short-term moving average. The stock is likely to get considerable support around Rs 787. Look to buy the stock on dips closer to the support levels, for an upside target of Rs 812.

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

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