5,325 and 5,415 are the two trigger points on either direction.

Nifty
Last close: 5,368

The Nifty, as expected, retraced once again from the 5,400-odd levels. However, given the strong momentum the index was able to bounce back from the lower levels as well. The index is now forming some kind of a base around 5,325. One should watch this level closely, as a break of the same could see the index drop to 5,255. On the upside, watch out for fresh buying above the 5,415-level. The momentum continue to remain in favour of bulls hence avoid shorting for now. On Thursday, the Nifty could face resistance around 5,395-5,415, while seek support around 5,340-5,325.

Bank of Baroda
Last close: Rs 799
Target: Rs 820

Bank of Baroda today closed above its long-term moving average. The stock is likely to get support around Rs 793. Look to trade with a positive bias, for an upside target of Rs 820 in the short-term as the momentum oscillators are favourable for more gains.

Infosys
Last close: Rs 2,769
Target: Rs 2,670

Infosys seems to have hit an intermediate hurdle around Rs 2,805. Despite today's gains the stock is likely to face stiff resistance on the upside. Look to short on rises, with a stop at Rs 2,810. On the downside, the stock can drop to Rs 2,670.

Jindal Steel
Last close: Rs 579
Target: Rs 615

Jindal Steel is trading in an upward channel with momentum in its favour. The stock is likely to trade with a positive bias as long as the stock trades above Rs 570. Keep a stop at Rs 566 and continue to trade long. On the upside the stock will target Rs 595, followed by Rs 615 in the short-to-medium term.


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