Technical View:: Nifty, Tata Steel, JSW Steel, PNB & Bata India
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Nifty: Technically Nifty does look strong and is in a long term uptrend. After recent rally, nifty has been consolidating in the 5950-5820 zone since last week of November. A close below 5820 could take nifty to lower levels of 5700-5750 where again strong support comes in. A close above 5950 can trigger another 80-100 points upmove.
Tata Steel: Tata steel has turned strong technically. Has given a good breakout above 420 and at cmp 438.20 looks good for another 18-20 points gain. One can enter at cmp for a target of 455.
JSW Steel: JSW steel gave a triple top breakout at 780 levels. Managed to cross it and then trade above it for few days. At cmp 831 looks good technically. Can head upto 860-870 in coming days. has strong support near 805-815.
Punjab National Bank PNB looks strong above resistance levels of 860-870. One can look to enter it on dips near 875-880 for a short term target of 925.
Bata India: Bata India has seen a good rally in last 1-2 years. recently has started to witness some profit booking come in on rise. Has formed good support near 845-850 levels. if manages to close below the support of 845, one can go short for a target of 810.
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