Tech View: Bias to remain bullish above 5,300
Failure to sustain above 5,300 can trigger profit-taking
Last close: 5,303
The Nifty seems to be treading with a wafer-thin margin. The index has somehow been able to sustain around the higher end of the Bollinger Band, despite aggressive buying support. Going ahead, the bias is likely to remain bullish as long as the index sustains above 5,300. In case, the Nifty consistently trades below 5,300, then we could see some profit taking, wherein the index can drop to 5,190-odd levels. On Thursday, the index is likely to seek support around 5,285-5,275, while face resistance around 5,320-5,330.
Last close: Rs 579
Target: Rs 565
Select momentum oscillators have entered highly overbought zones for HDFC Bank. The stock is likely to witness selling pressure in the near term, in case, the stock is unable to cross Rs 582. On the downside, the stock is likely to slide to Rs 565.
Last close: Rs 1,222
Target: Rs 1,250
Maruti has broken above the higher end of the Bollinger Band on the daily charts. The momentum too seems to be in favour of the bears. Look to buy the stock on dips with a stop at Rs 1,200. On the upside, the stock can flare up to Rs 1,250.
Last close: Rs 284
Target: Rs 275
ONGC cracked over 2 per cent in trades on Wednesday. Although the overall trend seems bullish for the stock, select momentum oscillators have seen negative divergence. Look to short the stock with a stop at Rs 291. On the downside, the stock can slide to Rs 275.
Disclaimer: The author of this article has no financial interest in any of the stocks mentioned above.
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