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Tech View: Consolidation likely to continue

Rex Cano/Mumbai 03 Aug 12 | 08:21 AM

Last close: 5,228

The NSE Nifty, as expected, consolidated in a very narrow trading band of 28-odd points. The index is likely to consolidate in a broad range of 5,260-5,180. The index is currently near its higher end of the expected trading band, hence expect some resistance around 5,250. The daily and weekly momentum oscillators also continue to remain in conflicting mode. On Friday, the Nifty is likely to seek support around 5,217-5,210, while face resistance around 5,238-5,245.

Century Textiles
Last close: Rs 305
Target: Rs 320

Century Textiles is likely to trade with a positive bias. The stock is likely to get considerable support around Rs 300. On the upside, the stock can rally to Rs 320.

Last close: Rs 207
Target: Rs 218

DLF is trading firmly above its short- and long-term moving averages. The stock is likely trade with a positive bias as long as it trades above Rs 204. The momentum seems to be in favour of the bulls. The stock can spurt to Rs 218.

JSW Steel
Last close: Rs 702
Target: Rs 726

JSW Steel has logged smart gains in the last two trading days. The stock is likely to extend gains in the near term. Look to buy the stock on dips or closer to support level of Rs 684. On the upside, the stock can surge to Rs 726.

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

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