Bias to remain bullish above 5,327
Last close: 5,327
The Nifty has closed at the higher end of the Bollinger Band for the fifth straight session. The higher end of the Bollinger Band is now placed at 5,327, above which the index is likely to trade on a bullish note. However, consistent trade below 5,327 can trigger some profit taking. On Friday, the Nifty is likely to face resistance around 5,345-5,355, while on the downside can seek support around 5,310-5,300. A weekly close below 5,270, can signal a possible correction in the following week.
Last close: Rs 175
Target: Rs 170
Ambuja Cement has been trading sideways in the last three trading days. Select momentum oscillators like the MACD and the Stochastic Slow have given negative divergence on the daily charts. Hence, look to short the stock on rise with a stop at Rs 178. On the downside, the stock can drop to Rs 170.
Last close: Rs 1,044
Target: Rs 1,072
The momentum oscillators are very favourable for Axis Bank. The stock is likely to see fresh gains in the near term. Look to buy the stock on dips with a stop at Rs 1,030. On the upside, the stock can jump to Rs 1,072.
Last close: Rs 1,240
Target: Rs 1,215
TCS is likely to face some resistance around Rs 1,250. Look to trade the stock with a negative bias as long as the stock trades below Rs 1,250. On the downside, the stock can slip to Rs 1,215.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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