Tech View: Markets may witness profit booking
The Nifty may face resistance around 5,155
Last close: 5,121
The Nifty has been consistently moving along with the higher end of the Bollinger Band. However, the index has failed to make a positive breakout. On the other hand, select momentum oscillators look a wee bit tired. Hence, the markets may witness profit taking in the near term. On Thursday, the index is likely to face resistance around 5,140-5,155, while on the downside seek support around 5,100-5,090.
Last close: Rs 1,179
Target: Rs 1,150
ACC has seen a sharp rally in the recent past. The stock is now trading closer to the multiple resistance area around Rs 1,200. Look to short the stock on rise with a stop around Rs 1,205. On the downside, the stock can slip to Rs 1,150.
Last close: Rs 27.20
Target: Rs 25.50
Ashok Leyland seems to be a good positional bet, as the stock has witnessed a significant bearish candle on the daily charts. Traders should look to short the stock with a stop at Rs 27.50. On the downside, the stock has near support around Rs 26.50, below which it can slide to Rs 25.50.
Bank of Baroda
Last close: Rs 719
Target: Rs 692
Bank of Baroda has been facing resistance around Rs 735 in the last three trading days. The Stochastic Slow has turned bearish for the stock, hence expect a downward movement at the counter. Look to short the stock, with a stop above Rs 735. On the downside, the stock can drop to Rs 692.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
No Related Stories Found