Tech View: Support moves higher to 5,070
On the upside, the Nifty can jump to 5,200
Last close: 5,139
The Nifty has traded in a choppy manner, albeit with a positive bias, in the recent past. Going ahead, the base support for the index seems to have moved higher to 5,070. The bias is likely to remain positive above 5,070. On the upside, the index can test 5,200 - its 20-WMA (Weekly Moving Average). On Monday, the index can face resistance around 5,170-5,185, while seek support around 5,110-5,090.
Last close: Rs 222
Target: Rs 235
Select momentum oscillators has turned positive for Adani Enterprises. The stock is likely to find considerable support around Rs 220. On the upside, the stock can jump to Rs 235.
Last close: Rs 76.80
Target: Rs 74.50
Idea has been struggling around its short-term moving average for the last few trading days. The stock is likely to trade with a negative bias as long as the stock trades below Rs 77.50. On the downside, the stock can drop to Rs 74.50
Last close: Rs 266
Target: Rs 260
ONGC has failed to sustain above its short-term moving average in the recent past. The stock is likely to see downward pressure in the near term. Look to trade with a negative bias, with a stop at Rs 270. On the downside, the stock can slip to Rs 260.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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