Nifty
Last close: 5,335

The Nifty on the charts shows a 'Bearish Engulfing Pattern', however the momentum remains in favour of an up move. Hence, one should be prepared for choppy movement in the near future, with slightly negative bias. The recent high of 5,413 could be the immediate resistance, while on the downside the Nifty would seek support around 5,255. In case, the selling pressure intensifies then the index could slip to 5,185 - its 200-day Daily Moving Average.
 
Gail India
Last close: Rs 378
Target: Rs 370
 
Gail India has dropped back after facing resistance around the higher end of the Bollinger Band. The stock is now likely to face stiff resistance on the upside. Look to sell, with a stop at Rs 392. On the downside the stock can slip to Rs 370, and a further fall to Rs 360 also looks possible.
 
HCL Tech
Last close: Rs 459
Target: Rs 444
 
HCL Technologies seems to be facing resistance around Rs 465-odd levels. The momentum oscillators are in overbought zones; hence expect some profit taking at the counter. Look to short with a stop at Rs 465. On the downside, the stock can drop to Rs 444.
 
Maruti
Last close: Rs 1,244
Target: Rs 1,175
 
Maruti is trading is significantly overbought conditions. Select momentum oscillators like the MACD on the daily charts have now turned sideways, which hints that the stock could consolidate in the near term. Look to short on the stock on rise, with a stop around Rs 1,265. On the downside the stock can slip to RS 1,175.

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