Tech View: Expect fresh weakness below 4,950
Short-covering may be expected in case Nifty sustains above 4,980
Last close: 4,965
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The Nifty has tested its support around 4,950 for the second straight day. Global cues are likely to play an important role in tomorrow's trade. For a gap-down opening could trigger panic selling with downside target around 4,835. However, in case, the global cues are positive one should watch out for 4,980 on the index sustained trade above 4,980 could trigger short-covering. On Friday, the Nifty is likely to seek support around 4,930-4,910, while face resistance around 5,000-5,020.
Bank of India
Last close: Rs 313
Target: Rs 295
Bank of India has been facing downward pressure in the recent trading days. The stock is likely to face considerable resistance around Rs 320. On the downside, the stock can slide to Rs 295.
Last close: Rs 310
Target: Rs 300
Bharti Airtel is facing some resistance around its short-term moving average. One can look to short the stock on rise with a stop at Rs 315. On the downside, the stock can slip to Rs 300.
Last close: Rs 475
Target: Rs 400
Reliance Infra looks weak on the medium-term charts. The stock has closed below its long-term moving average for the last two trading days. Traders should look to short the scrip with a stop at Rs 485. On the downside, the stock can plunge to Rs 400-odd levels in the medium-term.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.