Watch out for 5,325 for any bearish action.

Nifty
Last close: 5,412

The Nifty ended at fresh 25-month highs, aided by some aggressive buying in the latter half of the trading day. Nothing much has changed on the charts, except for the fact that the index price action has begun to move sideways. This hints of a likely consolidation or a correction phase ahead. The upside seems limited from current levels as the momentum oscillators too are showing some signs of tiredness. One should continue to watch the 5,325 level very close for any bearish action. On Friday, the index could face resistance around 5,445-5,465, while seek support around 5,380-5,360.

Bajaj Finserve
Last close: Rs 510
Target: Rs 535

Bajaj Finserve has closed above its long-term moving average for the second straight day. The stock is likely to see further upside backed by the positive momentum. Look to buy the stock with a stop below Rs 500. On the upside the stock is likely to spurt to Rs 535.

Glenmark
Last close: Rs 298
Target: Rs 310

The Stochastic Slow has just turned positive for Glenmark on the daily charts. The stock too has found considerable support around Rs 295-odd levels in the last four trading days. Look to buy with a stop at Rs 294 for an upside target of Rs 310, above which the stock can rally to Rs 325.

Hind. Unilever
Last close: Rs 393
Target: Rs 380

The momentum oscillators both on the daily and the weekly charts have turned unfavourable for Hindustan Unilever. Hence, one should trade with a negative bias at the counter. Look to short with a near stop at Rs 396. On the downside, the stock can slide to Rs 380.


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