Tech View: Monday's high is crucial
Last close: 5,610
The NSE Nifty needs to cross Monday's high in order to continue to the current upward movement. Technically, the index seems to have made an intermediate high at 5,652 - For the index opened with a gap up, rallied higher, and eventually ended below the day's open. Going ahead, 5,630 would be the near term resistance for the index. On the downside, sustained trade below 5,560, can accelerate the pace of profit taking. On Tuesday, the NSE index is likely to seek support around 5,585-5,570, while on the upside can face resistance around 5,635-5,650.
Last close: Rs 347
Target: Rs 330
Century Textiles is likely to trade with a negative bias in the near term. Look to short the stock on rise with a stop at Rs 354. On the downside, the stock can tumble to Rs 330-odd levels.
Last close: Rs 568
Target: Rs 550
The key momentum oscillators have turned negative for HCL Technologies on the daily charts. Hence, the stock is likely to exert downward pressure in the near term. Look to short the stock on rise with a stop above Rs 580. On the downside, the stock can slide to Rs 550-odd levels.
Last close: Rs 748
Target: Rs 795
Punjab National Bank has given a fresh breakout on the daily charts. The stock offer good positional trading opportunity. Look to trade the stock with a positive bias as long as the stock sustains above Rs 728. On the upside, the stock can rally to Rs 795-odd levels.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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