Moving towards 1973

The Nifty surpassed its 10-DMA at 1940 and ended the trading session on a strong note. On the upside the index is likely to target its recent high of 1973. On the downside 1920 is a crucial support level. Any intra-day decline should see the Nifty find support around 1920. In the short-term the index has formed a double bottom around 1900 (1902 and 1895), which should now provide strong support and the Nifty is likely to move up to 1973.

Oriental Bank of Commerce could test Rs300 on the upside. Any intra-day decline should see the stock find support around Rs282. Maruti is likely to exhibit intra-day strength above Rs415. Reliance Industries could test the Rs550-554 range and on the downside the stock has a support at Rs533. Tisco will exhibit intra-day strength above Rs355.75.