Nifty may gain traction above 5,520 level

NIFTY
Last close: 5,482
A possible trend reversal did not play out, as the Nifty was unable to cross its immediate resistance around 5,520. Going ahead, 5,520 will remain the key reference point for the bulls, as fresh buying should be initiated only above this level. On the downside, the reference point is 5,470, below which the bears are likely to be dominant. On Monday, the index is likely to seek support around 5,440-5,455, but face resistance around 5,505-5,525.

ACC
Last close: Rs 1,012
Target: Rs 940
ACC is facing resistance around its long-term (200-day) daily moving average at Rs 1,020 for the last two days. The Stochastic Slow has turned negative, hence, there could be some selling pressure at the counter. Look to short, with a stop at Rs 1,020, for a target of Rs 940.

HPCL
Last close: Rs 384
Target: Rs 400
Hindustan Petroleum Corporation Ltd (HPCL) seems to have found short-term support around the Rs 377-odd levels. The stock is likely to attempt a bounce back. One can look to buy it, for a short-term target of Rs 400.

M&M
Last close: Rs 721
Target: Rs 680
Mahindra & Mahindra (M&M), which was trending higher till late, is now showing signs of fatigue. The Rs 715-level should be seen as pivotal, sustained trade below which can take the stock to Rs 680-odd levels. On the upside, it is likely to face considerable resistance around Rs 735.

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