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Tech View: Markets may take a breather

Rex Cano/New Delhi 08 Aug 12 | 08:16 AM

Nifty
Last close: 5,350


The Nifty has reached the higher end of the Bollinger Band on the daily charts, and hence may take a breather for now. The daily Stochastic Slow is also showing signs of tiredness. In case of profit taking, the index is likely to get considerable support around 5,290 and lower down at 5,260. On Wednesday, the NSE index can seek support around 5,310-5,295, while face resistance around 5,360-5,380.

Century Textiles
Last close: Rs 308
Target: Rs 321


Century Textiles is likely to rally in the near term backed by positive cues from the daily momentum oscillators. Look to trade the stock with a positive bias with a stop at Rs 304. On the upside, the stock is likely to target Rs 321.

Cipla
Last close: Rs 352
Target: Rs 337


Cipla post its recent breakout seems to be consolidating at higher levels. However, the Stochastic Slow has turned bearish both on the daily and the weekly charts. Hence, the stock is likely to weaken in the near term. Look to short the stock on rise with a stop at Rs 360. On the downside, the stock can slip to Rs 345, and further fall to Rs 337 also looks likely.

Hindalco
Last close: Rs 119
Target: Rs 115


Hindalco is currently facing resistance around Rs 120, which is the 50-day DMA of the stock. The stock if unable to cross Rs 120 can slip to Rs 115-odd levels.

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

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