(NIFTY)
The overall bearish outlook remains the same, with the short-term (20-day) daily moving average also now dipping below the long-term (200-day) daily moving average. Currently, since we are closer to oversold zones, there could be some sort of consolidation before the next move on the downside. The first hurdle on the way up is placed at 5,633, above which the index will have to counter the all-importance resistance around 5,750. On the downside, the index can be expected to get support around 5,470-5,450. A close below, the 5,450 could spell fresh trouble for the markets, with odd side targets of closer to 5,200-odd levels.
Century Textiles
Last close: Rs 342
Target: Rs 360
Century Textiles moved above its lower end of the Bollinger Band, with a 3 per cent gain. The stock is attempting to make a higher low. The downside support for the stock exists at Rs 325, a break of Rs 342, could trigger fresh buying with an upside target of Rs 360 in the short-term.
Last close: Rs 342
Target: Rs 360
Century Textiles moved above its lower end of the Bollinger Band, with a 3 per cent gain. The stock is attempting to make a higher low. The downside support for the stock exists at Rs 325, a break of Rs 342, could trigger fresh buying with an upside target of Rs 360 in the short-term.
JSW Steel
Last close: Rs 897
Target: Rs 960
JSW Steel, too, seems to be in a bounce back mode. One can place a stop loss at Rs 870, and look to go long at the counter in case of a dip. On the upside the stock can rally to Rs 960-odd levels in the coming days.
Last close: Rs 897
Target: Rs 960
JSW Steel, too, seems to be in a bounce back mode. One can place a stop loss at Rs 870, and look to go long at the counter in case of a dip. On the upside the stock can rally to Rs 960-odd levels in the coming days.
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