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Tech View: Bias to remain bullish above 5,390

Rex Cano/New Delhi 23 Aug 12 | 08:37 AM

Nifty
Last close: 5,413


The Nifty seems poised for a fresh rally gives cues from the momentum oscillators. However, one needs to watch the 5,390 level closely for sustained up move. The bias is likely to remain bullish as long as the Nifty sustains above 5,390. On the upside, the index can flare up to 5,470-odd levels. On Thursday, the Nifty is likely to seek support around 5,400-5,390, while face resistance around 5,425-5,435.

Bank of Baroda
Last close: Rs 645
Target: Rs 662


Bank of Baroda is likely to trade with a positive bias in the near term. Look to buy the stock on dips with a stop around Rs 634. On the upside, the stock can spurt to Rs 662.

Bharti Airtel
Last close: Rs 249
Target: Rs 240


Bharti Airtel has given a fresh downward break. The stock is likely to exhibit weakness in the near term. Look to short the stock with a stop at Rs 250. On the downside, the stock can slip to Rs 240.

SAIL
Last close: Rs 85
Target: Rs 82.50


SAIL has been struggling below its short-term moving average since late July. Look to short the stock with a stop around Rs 86. On the downside, the stock is likely to drop to Rs 82.50.

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

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