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Tech View: Expect fresh strength above 5,365

Rex Cano/New Delhi 10 Aug 12 | 08:31 AM

Nifty
Last close: 5,323

The Nifty for the second consecutive day has failed to sustain above 5,350. Hence, one can expect a short-term correction from the current levels. The Stochastic Slow, too, has turned negative on the daily charts. On the downside, the index is likely to test 5,260, the gap it created on August 6. On Friday, the NSE index could seek support around 5,300-5,290, while face resistance around 5,345-5,360.

BHEL
Last close: Rs 231
Target: Rs 238


BHEL has been trading sideways for the last two trading days. The stock is likely to trade with a positive bias as long as it sustains above Rs 228. On the upside, the stock can spurt to Rs 238.

Educomp
Last close: Rs 159
Target: Rs 153


Educomp seems to be trapped in a narrow band, between its short-term and the medium-term moving average. Currently, the momentum seems to be in favour of the bears for a downward breakout. Expect fresh weakness below Rs 157, wherein the stock can slide to Rs 153.

Ranbaxy
Last close: Rs 502
Target: Rs 490


Ranbaxy has slipped nearly 3 per cent in trades on Thursday. The momentum is in favour of the bears. Look to short the stock on rise with a stop at Rs 515. On the downside, the stock can slip to Rs 490.

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

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