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Tech View: Bias bearish below 5,070

Rex Cano/Mumbai 27 Jul 12 | 08:25 AM

The Nifty can surge to 5,170, in case, of a pullback rally

Last close: 5,043

The NSE Nifty broke the crucial 5,090-support on a closing basis. Three closes below 5,090-would confirm a start of a fresh downtrend. Currently, the charts indicate that the bias is likely to remain fairly bearish as long as the index sustains below 5,070. However, given the slightly oversold conditions and positive global cues a pull-back rally cannot be ruled out. In case of a bounce back, the index can surge to 5,170-odd levels. On Friday, the Nifty is likely to seek support around 5,005-4,985, while face resistance around 5,080-5,100.

Cairn India
Last close: Rs 313
Target: Rs 306

Cairn India has given a fresh downside breakdown. The Stochastic Slow, both on the daily and the weekly charts, are in favour of the bears. Look to short the stock on rise with a stop at Rs 322. On the downside, the stock can slip to Rs 306.

Last close: Rs 2,660
Target: Rs 2,720

Grasim has bounced back above its short-term moving average and now looks set for more gains. The stock is likely to trade with a positive bias as long as the stock trades above Rs 2,645. On the upside, the stock can jump to Rs 2,720, and can potentially rally to Rs 2,775 as well in the medium term.

Last close: Rs 73
Target: Rs 80

HDIL is currently trading in oversold territory. Select momentum oscillators like the Stochastic Slow has given a buy signal. Look to buy the stock closer to support levels with a stop at Rs 71. The stock can rally to Rs 80 on the upside.

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

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