Tech View: Nifty nears higher end of trading range
The index may face resistance around 5,195-5,215
Last close: 5,165
The Nifty has once again neared the higher end of the trading range (5,000-5,200). Select momentum oscillators are fairly positive, hence it may not be surprising in case the index breaks above the 5,200-resistance. However, sustenance above 5,200 would be difficult. On Friday, the NSE index may face resistance around 5,195-5,215, while on the downside, the index may seek support around 5,135-5,115.
Last close: Rs 795
Target: Rs 815
ABB is likely to trade with a positive bias in the near term. The stock is likely to get considerable support around Rs 777 in the near term. On the upside, the stock can jump to Rs 815.
Last close: Rs 223
Target: Rs 245
The momentum seems to be in favour of a fresh upside breakout for BHEL. The stock is likely to trade with a positive bias as long as the stock sustains above Rs 215. In the near term, look to buy the stock around Rs 218-odd level, for medium-term target of Rs 245.
Last close: Rs 763
Target: Rs 742
BPCL is trading in fairly overbought territory. The stock is likely to correct from current levels. Look to short the stock with a stop around Rs 775. On the downside, the stock can drop to Rs 742.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
No Related Stories Found