Tech View: Major support for Nifty remains at 5,000
However, in case of heavy selling the index can dip to 4,960 in intra-day deals
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.
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.
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.
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.
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