Short-term trend turns positive for Nifty
The NSE index is likely to attempt an upside breakout
Last close: 5,149
The short-term trend has turned positive for Nifty, as the short-term moving average has crossed the medium-term moving average. The major support for Nifty remains at 5,070. The weekly MACD is only on the verge of turning positive, which indicates that a close above 5,200 could open the doors for a rally till 5,350-odd levels. The only worry is the negative bias seen on the daily Stochastic Slow. On Friday, the NSE index is likely to seek support around 5,135-5,125, while face resistance around 5,160-5,170.
Last close: Rs 24.70
Target: Rs 26
Select momentum oscillators are in oversold zones for Ashok Leyland, which makes the stock due for a bounce back. Short-term traders can look to buy the stock on dips with a stop of Rs 24.20. On the upside, the stock can rally to Rs 26.
Last close: Rs 303
Target: Rs 292
Bharti Airtel has given a fresh downside breakout. The stock is likely to exert downward pressure in the near-term, as the stock has broken below its short-term moving average and the MACD has also turned negative on the daily charts. One should short the stock with a stop at Rs 308 for a downside target of Rs 292.
Last close: Rs 719
Target: Rs 730
Reliance is currently trading near multiple support levels of Rs 717 and Rs 713, which are the short- and medium-term moving averages. The stock should be bought with a stop below Rs 713. On the upside, the stock can jump to Rs 730.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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