Tech View: Nifty may seek support at 4,970
On the upside, the index can rally to 5,070-odd levels
Last close: 4,970
The Nifty today ended with marginal gains at 4,970, up above its short-term moving average for the second day in a row. Select momentum oscillators like the MACD and the Stochastic Slow continues to favour the bulls on the daily charts. The bias is likely to be positive as long as the index sustains above 4,970. On the upside, the Nifty can rally to 5,070-odd levels. On Wednesday, the index is likely to seek support around 4,975-4,965, while face resistance around 5,005-5,015.
Last close: Rs 146
Target: Rs 150
Ambuja Cement has closed above its short-term moving average for the second straight day. The stock provides a good trading opportunity. Look to buy the stock on dips with a stop below Rs 144. On the upside, the stock can jump to Rs 150.
Last close: Rs 700
Target: Rs 660
The momentum oscillators are fairly bearish for BPCL, making the stock vulnerable in the short-term. Aggressive traders can look to short the stock around Rs 705-odd levels with a stop at Rs 720. On the downside, the stock is likely to slide to Rs 660-odd levels in the coming days.
Last close: Rs 114
Target: Rs 118
Hindalco has closed above its short-term moving average in the last two trading days. The stock is likely to trade with a positive bias as long as the stock trades above Rs 113. On the upside, the stock can spurt to Rs 118.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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