A breakout could trigger a rally up to 5,400-odd levels

Nifty
Last close: Rs 5,236

The Nifty is now more or less testing its major hurdle at 20-WMA (Weekly Moving Average) which is at 5,254. In case, the index manages to close above this on a weekly basis then the next logical target would be 5,400. However, failure to do so, keeps the downside option for 4,980 still open. The MACD on both the daily and weekly charts remain in favour of the bulls. But, the Stochastic Slow has turned a wee bit negative on the daily charts. On Thursday, the Nifty could face resistance around 5,270-5,270, while seek support around 5,200-5,180.

BPCL
Last close: Rs 558
Target: Rs 590

BPCL seems to be consolidating in the narrow band of Rs 550 to Rs 590. The stock is now closer to the lower end of the trading band; hence look to buy with a stop at Rs 550. On the upside, the stock can surge to Rs 590.

HDIL
Last close: Rs 79.75
Target: Rs 90

HDIL has been consolidating in the last few trading sessions. The stock seems to have found support around Rs 75-odd levels. Look to buy the stock on dips with a stop at Rs 75. In the short-to-medium term the stock can rally to Rs 90.

Sun Pharma
Last close: Rs 546
Target: Rs 558

Sun Pharma has given a breakout on the daily charts. The stock is likely to remain positive as long as the stock trades above Rs 540. Look to buy on dips with a stop at Rs 540. On the upside the stock can surge to Rs 558.

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