Nifty can re-test 5,200
The bias is likely to remain positive as long as 5,000 hold
Last close: 5,104
The markets witnessed choppy trades on Tuesday as some positive global cues countered the follow-up selling pressure. The short-term outlook for the Nifty will remain positive as long as the index holds above the 5,000-mark. However, the possibility of the index correcting to 4,990-odd levels in intra-day deals cannot be ruled out. Ideal strategy should be to buy on dips with a closing stop at 5,000. On the upside, the index can jump to 5,200-odd levels. On Wednesday, the Nifty is likely to seek support around 5,080-5,065, while on the upside can face resistance around 5,130-5,145.
Last close: Rs 52.80
Target: Rs 55
Essar Oil has been consolidating above its short-and-medium term moving averages. The stock is likely to trade with a positive bias as long as the stock trades above Rs 51.90. Look to buy on dips for upside target of Rs 55.
Last close: Rs 643
Target: Rs 632
HDFC has been trading with a negative bias in the recent past. The stock is likely to exert downward pressure as long as it trades below Rs 650. Look to short the stock for downside target of Rs 632.
Last close: Rs 69.90
Target: Rs 71.25
The momentum oscillators are indicating bullishness for JP Associates in the near term. Look to buy the stock with a stop at Rs 68.50. On the upside, the stock can spurt to Rs 71.25, above which it can target Rs 73.50.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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