Tech View: Nifty may attempt upside breakout
The short-term bias is likely to remain positive above 5,070
Last close: 5,146
The Nifty continues to remain trapped in the same 200-point broad trading range of 5,000-5,200. However, select momentum oscillators are turning quite favourable, and indicate that the near term support has moved higher to Rs 5,070. Below 5,070, the index has support around 5,030 and 5,000. On the upside, the Nifty may attempt to break above 5,200, following which the index can rally to 5,280-odd levels. On Monday, the index is likely to seek support around 5,120-5,105, while face resistance around 5,170-5,185.
Last close: Rs 1,581
Target: Rs 1,620
Select momentum oscillators have turned positive for Dr.Reddy's on the daily charts. The stock is likely to get considerable support around Rs 1,550 in the near term. Look to buy the stock on dips for upside target of Rs 1,620.
Last close: Rs 59
Target: Rs 56.50
National Aluminium is likely to see downward pressure in the near term. The stock is likely to weaken on sustained trade below Rs 58.50. Look to short the stock below Rs 58.50 with a stop at Rs 60 for a downside target of Rs 56.50.
Last close: Rs 94.40
Target: Rs 96.50
Tata Power has been trading with a positive bias for the last three trading sessions. The stock has near support around Rs 93 in form of its short-term moving average. Look to buy the stock on dips with a stop at Rs 91.50. On the upside, the stock can jump to Rs 96.50.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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