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Tech View: Nifty may find support around 4,835

Rex Cano/Mumbai 17 May 12 | 08:19 AM

Expect fresh buying only on sustained trade above 4,875


Nifty
Last close: 4,858


The Nifty cracked nearly 2 per cent in trades on Wednesday owing to weak global cues. The index, however, took support around the expected 4,835-level. The momentum oscillators are yet to give a decisive buy signal, hence look to buy with a strict stop at 4,815. Sustained trade above 4,875 should be the early signs for fresh buying in the markets. On Thursday, the index is likely to seek support around 4,840-4,830, while face resistance around 4,875-4,885.

Aban
Last close: Rs 352
Target: Rs 370


Aban Offshore has found considerable support around the Rs 345-odd levels in the last three trading sessions. Look to buy the stock on dips with a stop just below Rs 345. On the upside, the stock can jump to Rs 370.

HDFC Bank
Last close: Rs 495
Target: Rs 515


HDFC Bank today tested its long-term moving average around Rs 485, and bounced a wee bit. The stock is likely to get considerable support around Rs 485. Look to buy on dips with a stop below Rs 485. On the upside, the stock can rally to Rs 515.

Sesa Goa
Last close: Rs 186
Target: Rs 176


Sesa Goa has recovered smartly after testing the lower end of the Bollinger Band. The medium-term trend for the stock however remains bearish; hence, expect the stock to face resistance around Rs 193. Look to short on rise, for downside target of Rs 176.


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

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