Tech View: Nifty may spurt to 5,250
Last close: 5,200
The NSE Nifty bounced back strongly, moving past its nearest resistance point of 5,160. In the process, the index also filled its gap created on July 23. The Stochastic Slow has turned positive on the daily charts, whereas the same remains negative on the weekly charts. Hence, any up move from current levels is likely to be limited. The index may spurt to 5,250-odd levels, where one can expect fresh selling pressure to emerge. On Tuesday, the Nifty is likely to seek support around 5,170-5,150, while face resistance around 5,230-5,250.
Last close: Rs 333
Target: Rs 345
Cipla continues to trade with a positive bias. The stock is likely to move higher as long as it maintains above Rs 327. On the upside, the stock can surge to Rs 345-odd levels.
Last close: Rs 494
Target: Rs 510
Ranbaxy has closed above its short-term moving average on the daily charts. The momentum oscillators seem to be in favour of further upside for the stock. Look to trade the stock with a positive bias with a stop at Rs 486. On the upside the stock can rally to RS 510.
Last close: Rs 410
Target: Rs 390
Tata Steel is trading with a negative bias. The stock is likely to face strong resistance around Rs 417-odd levels. Look to short the stock around Rs 417 with a stop at Rs 420. On the downside, the stock can slide to Rs 390 in the medium-term.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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