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Tech View: Bias remains positive

Rex Cano/Mumbai 26 Jun 12 | 05:39 AM

The NSE Nifty has near support at 5,070

The Nifty, as expected, tried to break on the higher side but failed owing to selling pressure in late noon deals. The overall bias continues to remain positive as the index is still moving in the same 5,000-5,200 range. The Nifty now has near support around 5,070, below which the index can seek support around 5,030 and 5,000. On Tuesday, the index is likely to seek support around 5,080-5,060, while face resistance around 5,150-5,170.

Bank of Baroda
Last close: Rs 693
Target: Rs 735

Bank of Baroda is trading closer to one of its key support level of Rs 690. The Stochastic Slow has also given a buy signal on the daily charts. Look to trade the stock with a positive bias as long as the stock trades above Rs 690. On the upside, the stock can jump to Rs 735.

Cairn India
Last close: Rs 330
Target: Rs 320

Cairn India seems to have topped out in the near term. The stock is the recent past has failed to sustain above its medium-term moving average. Now again, the stock is trading near its medium-term moving average. Look to short the stock with a stop at Rs 336. On the downside, the stock can drop to Rs 320.

Last close: Rs 2,459
Target: Rs 2,400

Select momentum oscillators have turned bearish for Infosys on the daily charts. The stock may see downward pressure in the near term. Look to short the stock with a stop at Rs 2,500. On the downside, the stock slip to Rs 2,400, below which further fall to Rs 2,370 cannot be ruled out.

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

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