Keep an eye on the NIFTY 5000- mark

- Dr. S H Kazmi


Nifty  
Last Close: 5,069
Outlook: Wait & Watch

              The Nifty has achieved our downside target of 5,050 in trades. While the short term clearly remains bearish, the index could still find considerable support around the 5,000-mark. Hence, it is advisable to sit out of the index and watch. In case, the index takes support around 5,000-level, a pull-back to 5,200 level then we could see more panic selling in the market. 

ADITYA BIRLA NUVO
Last close: 891
Target: Rs 860

               The momentum oscillators are strongly  in favour of further fall for Aditya Birla Nuvo. Look to short the stock, with a stop of Rs 908. On the downside, the stock can slide to Rs 860-levels.

ICICI BANK 
Last Close: Rs 791
Target: Rs 740

                     ICICI Bank has closed below the lower-end of the Bollinger Band. The stock is likely to exert selling pressure as long as it stays below 809. Look to short with a Stop Loss of Rs 810. On the downside the stock can target Rs 740-level in the short term.

ONGC
Last close: RS 259
Target: RS 270

                    ONGC is trading near lower-end of the Bollinger Band. The short-term trend for the stock seems to be neutral. Look to buy, with a Stop Loss around Rs 257. On the upside, the stock can first target Rs 265, and above which it could rally to Rs 270.