Late buying in select heavyweights saw the markets spike towards the close on Thursday. The Sensex spurted to a high of 17,215, and finally ended with a gain of 70 points at 17,168. This is the highest close, the index has achieved in the last one-half months.

Even marginal positive cues from the overseas markets will be good enough to trigger fresh buying and thus lead the markets to higher levels today. On the up side, above 17,250 the Sensex is likely to target 17,400.

The broader picture suggests that the index is on its way towards 17,800, however, one could see a pause (weekly losses) before we reach there.

Today, the index is likely to face resistance around 17,230-17,265, while seek support around 17,105-17,070.

The NSE Nifty moved in a range of 51 points, and finally settled with a gain of 17 points at 5,133.

The Nifty is likely to seek support around 5,115-5,100, while may face resistance around 5,150-5,165.

Axis Bank
Outlook: Positive
Last close: Rs 1,151
Support: Rs 1,135
Target: Rs 1,166

Axis Bank is having one of strongest chart pattern among the banking stocks. The stock is trending upwards both on the daily and weekly charts. The daily chart indicates a target of Rs 1,180 for the stock. Today, one can look to buy the stock on dips with a stop at Rs 1,135. The stock is likely to spurt to Rs 1,166.

HDIL
Outlook: Positive
Last close: Rs 308
Support: Rs 305
Target: Rs 313

HDIL has been struggling for the last few trading days around its long-term moving average. The long-term moving average is at Rs 310, and the short-term moving average is at Rs 307. One can look to buy the stock with a strict stop at Rs 305. On the upside the stock may spurt up to Rs 313.

Hindalco
Outlook: Positive
Last close: Rs 160
Support: Rs 156
Target: Rs 163

Hindalco has retracted significantly from a high of Rs 173 to a low of Rs 158. The stock yesterday closed with a loss of nearly 2% at Rs 160. The stock is currently extremely close to its short- and medium-term moving averages of Rs 156 and Rs 158, respectively. One can expect significant buying support around these levels. One should look to buy at dips with a stop at Rs 156. On the upside the stock may spurt to Rs 163, and eventually retrace back to Rs 170.

Disclosure: The author does not have any financial interest in the above stocks.