Tech View: Bears to rule below 5,025
Expect fresh weakness once Nifty breaks 4,950
Last close: 5,000
The bears are likely to dominate in the near term as long as the Nifty sustains below 5,025. The index is now testing its weekly Fibonacci support at 4,950, below which it can slide to 4,835. The momentum oscillators also continue to remain in favour of the bears. On Thursday, the Nifty is likely to face resistance at 5,025-5,035, while on the downside would look to seek support around 4,980-4,970.
Last close: Rs 146
Target: Rs 150
Ambuja Cement seems to have bottomed-out in the near term. The stock is likely to see fresh upside, with near target of Rs 150 and far-off target of Rs 152. Look to buy the stock on dips with a stop at Rs 141.
Last close: Rs 182
Target: Rs 175
DLF has failed to cross its short-term moving average in the recent up move, hence likely to revisit support at the lower end. Look to short DLF at higher levels with a stop at Rs 189. On the downside, the stock can slip to Rs 175.
Last close: Rs 512
Target: Rs 485
HDFC Bank has ended below the lower end of the Bollinger Band for the second consecutive day, which makes the stock fairly weak in the short-term. Look to short the stock on rise with a stop at Rs 523. On the downside the stock can slide to Rs 485.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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