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Tech View: Nifty in overbought zone

Rex Cano/Mumbai 16 Aug 12 | 08:56 AM

Nifty
Last close: 5,380


The Nifty has made a higher high on the weekly charts for the third straight week. The momentum also seems to be in favour of the bulls on the weekly charts. However, select momentum oscillators have entered overbought zone on the daily chart, hence we may see a sharp correction in the near term. In case of a correction the index can slip to 5,300-odd levels. On Thursday, the NSE index is likely to seek support around 5,360-5,345, while face resistance around 5,400-5,415.

Adani Enterprises
Last close: Rs 191
Target: Rs 200


Adani Enterprises has spurted above its short-term moving average on the back of smart gains in the last two trading days. The stock is likely to trade with a positive bias in the near term as long as the stock trades above Rs 185. On the upside, the stock can surge to Rs 200.

Cairn India
Last close: Rs 329
Target: Rs 340


Cairn India is likely to trade with a positive bias as long as the stock sustains above Rs 326. The weekly momentum oscillators are fairly bullish, and indicate a target of Rs 350. In the near-term the stock can rally to Rs 340.

SBI
Last close: Rs 1,910
Target: Rs 1,840


The momentum oscillators are fairly in favour of the bears both on the daily and the weekly charts for SBI. Look to short the stock with a stop at Rs 1,930. On the downside, the stock can slip to Rs 1,840.

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

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