Live Markets »News & Advice»Latest Advice»Latest Advice Details
Latest Advice Details
Back

Tech View: Major support for Nifty remains at 5,000

Rex Cano/Mumbai 15 Jun 12 | 05:57 AM

However, in case of heavy selling the index can dip to 4,960 in intra-day deals


Nifty
Last close: 5,055


The Nifty, as expected, witnessed some profit taking as the index shed 1.3 per cent in trades on Thursday. The overall outlook for the markets continues to remain positive, as long as the index trades above 5,000-mark. However, select momentum oscillators have turned negative; hence the index may see downward pressure. The index on the downside may dip to 4,960. On Friday, the Nifty is likely to seek support around 5,025-5,005, while face resistance around 5,085-5,105.

Financial Tech
Last close: Rs 623
Target: Rs 600


Financial Technologies has been consistently facing resistance around its medium-term moving average. The stock is likely to face downward pressure as long as it trades below Rs 648. Look to short the stock on rise with a stop above Rs 648, for downside target of Rs 600.

ICICI Bank
Last close: Rs 818
Target: Rs 798


ICICI Bank has been trading on a bearish note in the medium-term. One should look to short the stock on rise with a stop above Rs 840. On the downside, the stock can slip to Rs 798.

NTPC
Last close: Rs 148
Target: Rs 154


NTPC has corrected sharply in the last two trading days. Aggressive traders can look for a counter position here. Look to buy the stock with a near stop at Rs 147. On the upside, the can bounce back to Rs 154.


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

Related Stories

    No Related Stories Found

Sensex

Company Price Gain (%)
TCS2,708.052.71
Maruti Suzuki3,084.951.29
Cipla627.801.22
H D F C1,065.301.08
Wipro586.650.98

Poll

With upbeat economic data will the Nifty top 8,500 in September?


Online Portfolio

You can create Online Portfolio here using the below button.