Tech View: Global cues to play key role
Last close: 5,435
The NSE Nifty almost achieved our first target of 5,450, as it touched an intra-day high of 5,447. It was mentioned, yesterday as well, that the index is likely to meet stiff resistance in the 5,450-5,500 range. The opening bell will be decided by the news flow from the overseas markets. However, one needs to be wary of long positions at higher levels. On the downside, the index can slip to 5,390-odd levels. On Friday, the Nifty is likely to face resistance around 5,445-5,450, while on the downside the index can seek support around 5,425-5,420.
Last close: Rs 950
Target: Rs 932
Axis Bank is likely to exhibit fresh weakness in the near term. The stock seems to have made an intermediary high around Rs 980-odd levels. Look to short the stock on rise closer to the resistance level. Sustained trade below Rs 960 will weaken the stock for a downside target of Rs 932.
Last close: Rs 370
Target: Rs 358
Cipla has seen a sharp correction from Rs 395-odd levels to Rs 370 in just four trading sessions. The short-term momentum is in favour of the bears. Look to trade short, with a stop at Rs 380. On the downside, the stock can slide to Rs 358.
Last close: Rs 106
Target: Rs 102
Crompton Greaves has been trading with a negative bias since the breakdown in the last week of July 2012. The bias is likely to remain negative as long as the stock trades below Rs 112. Look to short with a stop at Rs 110. On the downside, the stock can slip to Rs 102.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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