Live Markets »News & Advice»Latest Advice»Latest Advice Details
Latest Advice Details
Back

Short-term trend turns positive for Nifty

Rex Cano/Mumbai 29 Jun 12 | 06:03 AM

The NSE index is likely to attempt an upside breakout



Nifty
Last close: 5,149


The short-term trend has turned positive for Nifty, as the short-term moving average has crossed the medium-term moving average. The major support for Nifty remains at 5,070. The weekly MACD is only on the verge of turning positive, which indicates that a close above 5,200 could open the doors for a rally till 5,350-odd levels. The only worry is the negative bias seen on the daily Stochastic Slow. On Friday, the NSE index is likely to seek support around 5,135-5,125, while face resistance around 5,160-5,170.


Ashok Leyland
Last close: Rs 24.70
Target: Rs 26


Select momentum oscillators are in oversold zones for Ashok Leyland, which makes the stock due for a bounce back. Short-term traders can look to buy the stock on dips with a stop of Rs 24.20. On the upside, the stock can rally to Rs 26.

Bharti Airtel
Last close: Rs 303
Target: Rs 292


Bharti Airtel has given a fresh downside breakout. The stock is likely to exert downward pressure in the near-term, as the stock has broken below its short-term moving average and the MACD has also turned negative on the daily charts. One should short the stock with a stop at Rs 308 for a downside target of Rs 292.

Reliance
Last close: Rs 719
Target: Rs 730


Reliance is currently trading near multiple support levels of Rs 717 and Rs 713, which are the short- and medium-term moving averages. The stock should be bought with a stop below Rs 713. On the upside, the stock can jump to Rs 730.


Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.

Related Stories

    No Related Stories Found

Sensex

Company Price Gain (%)
ICICI Bank355.402.95
Hindalco Inds.157.652.64
Coal India376.552.49
Wipro550.452.33
Tata Power Co.83.402.27

Poll

Will the Sensex breach 30,000 on or before December 31, 2014?


Online Portfolio

You can create Online Portfolio here using the below button.