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Tech View: Expect fresh weakness below 4,950

Rex Cano/Mumbai 11 May 12 | 08:41 AM

Short-covering may be expected in case Nifty sustains above 4,980

 
Nifty
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.

Bharti Airtel
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.

Reliance Infra
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.

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Sensex

Company Price Gain (%)
ICICI Bank355.402.95
Hindalco Inds.157.652.64
Coal India376.552.49
Wipro550.452.33
Tata Power Co.83.402.27

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