Tech View: Nifty needs to sustain above 5,280
Failure to sustain above 5,280 can trigger profit-taking
Last close: 5,279
The Nifty continues to move along with the higher end of the Bollinger Band. The index ended at 5,287 on Tuesday whereas the Bollinger Band is at 5,281. Failure to sustain above 5,280 could invite some profit taking in the markets. In case of profit-taking, the index is likely to get considerable support around 5,190-odd levels. On Wednesday, the Nifty can seek support around 5,270-5,255, while face resistance around 5,305-5,320.
Bank of India
Last close: Rs 352
Target: Rs 358
Bank of India is likely to trade with a positive bias in the near term. The stock offers a good buy on dip opportunity around Rs 350-odd levels. The stop on the lower side should be around Rs 346, whereas on the upside the stock can spurt to Rs 358.
Last close: Rs 2,496
Target: Rs 2,525
Infosys has been trading above its short-term moving average for the last five days. The momentum also seems to be in favour of the bulls for now. Look to buy the stock on dips with a stop at Rs 2,470. On the upside, the stock can jump to Rs 2,525 and even higher to Rs 2,580.
Last close: Rs 717
Target: Rs 700
Mahindra & Mahindra (M&M) has closed above the long-term moving average at Rs 717. However, select momentum oscillators are not in favour of the bullish trend. Hence, one should be cautious at the counter. Sustained trade below Rs 714 can weaken the stock, as a result of which it can drop to Rs 700.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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