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Tech View: Consolidation may continue

Rex Cano/Mumbai 02 Aug 12 | 08:11 AM

Last close: 5,240

The NSE Nifty moved in a fairly narrow band of 34-odd points. The index is likely to consolidate further, albeit with a positive bias as long as it maintains above 5,210. In case, the index slips below 5,210, it could drift to its next significant support level of 5,180. Select momentum oscillators remain in conflicting mode, wherein the daily charts indicates a positive trend, but the weekly indicators support the bears. On Thursday, the Nifty is likely to seek support around 5,228-5,220, while face resistance around 5,255-5,261.

Axis Bank
Last close: Rs 1,045
Target: Rs 1,075

Axis Bank is likely to trade with a positive bias in the near term. The stock is likely to get considerable support around Rs 1,038. On the upside, the stock can jump to Rs 1,075.

Last close: Rs 44.30
Target: Rs 47

IVRCL Infra seems to have consolidated in the recent trading days. The stock seems to be a good buy on dips bet, with support likely around Rs 42-odd levels. On the upside, the stock can surge to Rs 47.

JP Associates
Last close: Rs 75.80
Target: Rs 78.50

JP Associates has recovered sharply from its recent low of Rs 70-odd levels. The momentum seems to be in favour of the bulls for now. Look to trade with stock with a positive bias as long as the stock sustains above Rs 74. On the upside, the stock can jump to Rs 78.50.

Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.

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