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Tech View: Nifty remains in overbought zone

Rex Cano/ 21 Aug 12 | 08:46 AM

Nifty
Last close: 5,366

The Nifty failed to sustain at higher levels for the second consecutive day on Friday. The index remains in overbought zone on the daily charts, hence we could see some profit taking in the near term. On the upside, the index can face resistance around 5,390-odd levels, while on the downside the index is likely to test 5,300. On Monday, the Nifty may seek support around 5,345-5,330, while face resistance around 5,390-5,405.

Ashok Leyland
Last close: Rs 22.50
Target: Rs 21.50

Ashok Leyland was struggling around its short-term moving average for the last few trading days. The stock on Friday closed fairly below its 20-day DMA. Look to short the stock on rise with a stop at Rs 23.20. On the downside, the stock can slip to Rs 21.50.

Century Textiles
Last close: Rs 321
Target: Rs 311


Century Textiles has retraced from the higher end of the Bollinger Band on the daily charts. The stock is likely to exert selling pressure in the near term, with considerable resistance expected around Rs 327. On the downside, the stock can drop to Rs 311.

Sesa Goa
Last close: Rs 187
Target: Rs 179


Sesa Goa failed to sustain above its long-term (200-day DMA) moving average for the third time since February 2012. The stock is likely to slide towards the lower end of the Bollinger Band around Rs 179. On the upside the stock is likely to face resistance around Rs 191.

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

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