Tech View: Nifty trapped in a range
The index is moving in a range of 5,000-5,200
Last close: 5,121
Nifty continues to move in a narrow range for yet another day. The index seems likely to test 5,200 on the upside, whereas on the downside, the index could seek support around 5,060 or drop to 5,000-odd levels. The bias seems to be positive. On Thursday, the index is likely to seek support around 5,105-5,095, while face resistance around 5,135-5,145.
Last close: Rs 186
Target: Rs 179
DLF seems to have given a fresh downside breakout. The stock has closed below its short-and-medium term moving average for the second straight day. Look to short the stock with a stop at Rs 190. On the downside, the stock can slip to Rs 179.
Last close: Rs 649
Target: Rs 700
JSW Steel is likely to give a fresh breakout soon. The stock is likely to find considerable support around Rs 635-odd levels, and on the upside the stock can surge to Rs 700.
Larsen & Toubro
Last close: Rs 1,348
Target: Rs 1,390
Larsen & Toubro seems to have consolidated in the near term. The stock is likely to see fresh upside on sustained trade above Rs 1,330. Look to buy closer to support levels, for upside target of Rs 1,390.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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