Tech View: A breakout seems imminent
The bias remains mildly positive
Last close: 5,142
The Nifty gyrates in a thin range for yet another day. And now, the wait gets a bit agonoising. However, given the derivatives expiry tomorrow and start of a fresh series, the likelihood of a breakout now seems imminent. The bias continues to remain mildly bullish as the Nifty has firmly stayed above the 5,070-level. On Thursday, the index is likely to seek support around 5,130-5,120, while face resistance around 5,155-5,160. A move beyond this trading range could see heightened activity in that direction.
Last close: Rs 1,205
Target: Rs 1,250
ACC is trading fairly close to its multiple support levels, and the weekly momentum oscillators are also in favour of a positive weekly close for the stock. The stock has near support around Rs 1,198 and Rs 1,187, which are the long-term and short-term moving averages. Look to buy the stock on dips with a stop just below Rs 1,187 for an upside target of Rs 1,250.
Last close: Rs 1,560
Target: Rs 1,600
The momentum oscillators of Bajaj Auto have given a fresh buy signal. The stock is likely to trade with a positive bias as long as it sustains above Rs 1,552. On the upside, the stock can rally to Rs 1,600 in the near term.
Last close: Rs 74
Target: Rs 70
Idea seems to be trading on a fairly bearish note since late April 2012. The downward momentum is likely to stronger in the near term in case the stock trades consistently below Rs 74. Look to short the stock on weakness for a downside target of Rs 70.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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