Tech View: Momentum back in favour of bulls
Last close: 5,345
The Nifty displayed firm movement in trades on Tuesday, and eventually ended at a fresh three-month high backed by short-covering in select index heavyweights. The momentum has once again swung in favour of the bulls, with near support expected for the index around 5,325 and far-off support around 5,280. On the upside, the index can now jump to 5,380. A close above 5,380, could trigger heavy short-covering with upside target around 5,500-odd levels. On Wednesday, the NSE index is likely to seek support around 5,320-5,305, and face resistance around 5,370-5,385.
Last close: Rs 1,523
Target: Rs 1,470
Bajaj-Auto has been trading below its short-, and medium-term moving averages for the last two trading days. The stock is likely to exert downward pressure as long as it trades below Rs 1,548. Look to short closer to resistance level for downside target of Rs 1,470.
Last close: Rs 85.40
Target: Rs 82
Idea is currently trading closer to key resistance level around Rs 87-88. The stock is likely to witness considerable resistance around these levels. Look to short the stock on rise with a stop at Rs 89. On the downside, the stock can slip to Rs 82.
Last close: Rs 246
Target: Rs 252
Tata Motors has bounced back strongly above its short-term moving average. Aggressive traders can look to buy the stock on dips with a stop at Rs 241 as follow-up buying can take the stock to a high of Rs 252.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
No Related Stories Found