Tech View: Nifty may dip below the 5,100-level
Last close: 5,193
The NSE Nifty has closed below the short-term moving average for the second straight day. The short-term bias will remain bearish as long as the index trades below 5,225. The momentum continues to remain in favour of the bears, hence expect the index to drift o 5,090-odd levels soon. On the upside, the index needs to break above 5,270 to reverse the current negativity. On Wednesday, the Nifty is likely to seek to support around 5,170-5,155, while face resistance around 5,215-5,225.
Last close: Rs 202
Target: Rs 194
DLF has broken below its short-term and the long-term moving averages in the last two trading days. The momentum oscillators also seem to be in favour of the bears. The stock is likely to exert selling pressure as long as the stock trades below Rs 210. On the downside, the stock can slip to Rs 194.
Last close: Rs 247
Target: Rs 234
Indiabulls Financials seem to be struggling around the higher end of the Bollinger Band on the daily charts. Look to short the stock on rise with a stop at Rs 253. On the downside, the stock can slip to Rs 234.
Last close: Rs 363
Target: Rs 374
Wipro bounced back strongly from the lower levels on Tuesday. The stock is currently trading in oversold territory hence further up move can be expected at the counter. One can look to buy the stock on dips with a stop at Rs 353. On the upside, the stock can jump to Rs 374.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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