Tech View: Momentum turns negative
The Nifty may slip to 5,250-odd levels
Last close: 5,335
The NSE Nifty ended in red for the third straight day. Following which, select momentum oscillators have turned bearish. The Stochastic Slow had turned negative couple of days back, and now the MACD too has turned negative. Going ahead, the Nifty is likely to witness considerable resistance around 5,370, while on the downside can slip to 5,250-odd levels. On Wednesday, the NSE index is likely to seek support around 5,315-5,305, while face resistance around 5,350-5,365.
Last close: Rs 380
Target: Rs 405
Aban seems to be testing support around the lower-end of the Bollinger Band. Look to buy the stock on dips with a stop at Rs 370. On the upside, the stock can surge to Rs 405.
Last close: Rs 1,694
Target: Rs 1,640
The momentum oscillators have turned bearish for Bajaj Auto. Look to trade the stock with a negative bias in the near term as long as it trades below Rs 1,730. On the downside, the stock can drop to Rs 1,640.
Last close: Rs 201
Target: Rs 211
DLF is testing support near the lower-end of the Bollinger Band. The stock is likely to find considerable support around Rs 195-odd levels. Look to buy the stock on dips for an upside target of Rs 211.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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