Tech View: Nifty bounces back above 200-DMA
However, bias to remain negative below 5,160
Last close: 5,100
The NSE Nifty bounced back sharply to close above the 200-day DMA following Thursday's sell-off. However, the closing is said to be weak in technical terms as the index closed below the day's open. The bias is likely to remain negative as long as the Nifty remains below 5,160. On the downside, the index could re-test the 4,850-odd levels. On Monday, the index is likely to seek support around 5,075-5,055, while face resistance around 5,125-5,145.
Last close: Rs 1,582
Target: Rs 1,540
Bajaj Auto seems to be nearing a short-term top on the daily charts. The stock is expected to face considerable resistance around Rs 1,615. Look to short the stock on rise with a stop at Rs 1,615. On the downside, the stock can slip to Rs 1,540.
Last close: Rs 291
Target: Rs 302
Bharat Forge is currently testing support around the lower-end of the Bollinger Band. The Stochastic Slow indicates a positive bias for the stock in the near term. Hence, look to buy the stock on dips with a stop at Rs 286. On the upside, the stock can target Rs 302 in the near term, above which it can rally up to Rs 317.
Last close: Rs 517
Target: Rs 528
HCL Technologies continues to trade with a positive bias post its quarterly results. The stock is likely to trade on a bullish note as long as it sustains above Rs 512. On the upside, the stock can rally to Rs 528.
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Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.