However, expect bouts of profit taking at higher levels.


Nifty
Last close: 5,270

The outlook for the Nifty remains the same, as the index is likely to display strength as long as it stays above 5,255. While, we may continue to see bouts of profit taking as the index heads towards its major hurdle around 5,370-5,400. On the downside, the overall trend will continue to favour the bulls as long as the index sustains above the 200-day DMA, which is currently at 5,192. On Friday, the Nifty may face resistance around 5,295-5,310, while seek support around 5,245-5,230.

BHEL
Last close: Rs 258
Target: Rs 240

BHEL seems to have completed to upside correction following the massive fall post its results on January 30. The stock is now likely to resume its downward movement. Look to short the stock with a stop at Rs 266. On the downside the stock can slip to Rs 240.

Jindal Steel
Last close: Rs 570
Target: Rs 615

Jindal Steel has given a significant breakout on the daily charts. The stock has closed above its long-term moving average for the second straight day. The momentum oscillators also continue to remain bullish. Look to buy with a stop at Rs 560. On the upside the stock can first target Rs 590, above which a rally to Rs 615 also looks possible.

Mahindra & Mahindra
Last close: Rs 698
Target: Rs 725

Mahindra & Mahindra is on the verge of an upside breakout. The stock is likely to get strong support around Rs 678, while on the upside the stock can jump to Rs 725 soon.


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