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Tech View: Expect fresh strength above 5,390

Rex Cano/Mumbai 17 Aug 12 | 08:51 AM

Last close: 5,363

The Nifty spurted to near 5,400-odd levels, and then corrected a wee bit owing to profit taking in select index heavyweights. The overall bias continues to remain positive with near support around 5,300-odd levels, and far-odd support around 5,260. The Nifty needs to sustain above 5,390 for further gains. On Friday, the NSE index is likely to seek support around 5,350-5,340, while face resistance around 5,375-5,385.

Last close: Rs 708
Target: Rs 692

HDFC is likely to trade with a negative bias in the near term as the MACD and the Stochastic Slow, both, are in favour of the bears on the daily chart. Look to short the stock on rise with a stop at Rs 720. On the downside, the stock can slip to Rs 692.

Last close: Rs 601
Target: Rs 589

The momentum oscillators seem to have turned negative for HDFC Bank as well. The stock is likely to face considerable resistance around Rs 610. On the downside, the stock can slip to Rs 589.

United Phosphorous
Last close: Rs 116
Target: Rs 108

United Phosphorous has given a fresh break-down on the daily charts. The stock is likely to exhibit bearishness as long as the stock trades below Rs 118. Look to short the stock on rise, with a stop at Rs 120, for downside target of Rs 108.

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

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