Select indicators have indicating caution at current levels

Nifty
Last close: 5205

The Nifty has closed bang at its 200-day DMA (Daily Moving Average) at 5,205. For once, we can say that there are more of bearish indicators than bullish. The candlestick pattern indicates a 'Hanging Man' structure which is considered bearish in a rising trend. Again, the Stochastic Slow has turned negative and the RSI has entered overbought zone. To add to the worries, the Nifty is likely to face considerable resistance around 5,250, which is the 50-WMA (weekly Moving Average). However, on the positive front, the daily MACD continues to favour bullish trend. Also the weekly MACD and Stochastic Slow are in favour of the bulls. On Monday, the index is likely to face resistance around 5,225-5,240, while seek support around 5,185-5,170.

Bank of Baroda
Last close: Rs 759
Target: Rs 710

Bank of Baroda seems to have reversed its direction in the short-term. One should adopt 'Sell on Rise' strategy at the counter. On the upside the stock is likely to face stiff resistance around Rs 800, while on the downside the stock can slip to Rs 710.

Cipla
Last close: Rs 344
Target: Rs 355

Cipla has consolidated smartly in the last three trading sessions. The stock seems now ready for a fresh jump. Look to buy with a stop at Rs 340. On the upside the stock is likely to test Rs 355 in the short-term.

NTPC
Last close: Rs 174
Target: Rs 165

NTPC after crossing the 200-day seems to have lost steam in the last few trading sessions. The momentum oscillators indicate that the stock may dip from current levels. Look to short the stock with a stop at Rs 179 for downside target of Rs 165.

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