Benchmark share indices surged to touch their highest levels since Novemeber 2010 and the Sensex topped the 21,000 mark led by gains in index heavyweights Reliance Industries and FMCG major ITC along with private banks.
At 10:20AM, the 30-share Sensex was up 205 points at 20,972 after topping 21,000 mark and the 50-share Nifty was up 57
points at 6,235.
Mudit Goyal, Technical analyst of SMC Global, spoke on his top picks from Banks, metals and how to trade the pack. He also outlined his strategy for playing Idea, Kotak Bank ahead of their Q2 results.
SmartInvestor : Sensex is within 200 points of its all-time high. Nifty is at 2013 highs. What are the charts saying. what are the current levels to watch out today?
Mudit Goyal : Nifty was forming an Inverted Head and Shoulder pattern on daily charts which is bullish in nature. Recently, it has given the pattern breakout with huge buying force and still manages to trade above the same. So, we anticipate that buying momentum can continue for coming day%u2019s upto 6300.
SmartInvestor : Bank Nifty hit 11,000 today. It's nearly at it's one-month high now. Is it advisable to go long on Bank Nifty. What are your top picks form the pack?
Mudit Goyal : Bank Nifty is trading in higher highs and higher lows on daily chart which is bullish in nature. One can initiate long in Bank Nifty for the upside target of 11500-1180 in near term.
Mudit Goyal : LONG: CANBK, AXISBANK, YESBANK AND PNB at current levels for the upside target of 8-10% from current levels.
SmartInvestor : Even metals are rallying as much? Is it advisable to enter those stocks at current levels. If yes what will those stocks be and key levels to watch out in those counters?
Mudit Goyal : Yes, select metal stocks are still looking very attractive on charts. Therefore, Trader with short term horizon can initiate long in JINDAL STEEL for the target of 280-290, TATASTEEL for 370-380 levels and SESA STERLITE for 220-230 levels.
SmartInvestor : What will be your trading strategy for Idea and Kotak Mahindra Bank today? Both these counters have their Q2 results lined up today?
At 10:20AM, the 30-share Sensex was up 205 points at 20,972 after topping 21,000 mark and the 50-share Nifty was up 57
points at 6,235.
Mudit Goyal, Technical analyst of SMC Global, spoke on his top picks from Banks, metals and how to trade the pack. He also outlined his strategy for playing Idea, Kotak Bank ahead of their Q2 results.
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SmartInvestor : Sensex is within 200 points of its all-time high. Nifty is at 2013 highs. What are the charts saying. what are the current levels to watch out today?
Mudit Goyal : Nifty was forming an Inverted Head and Shoulder pattern on daily charts which is bullish in nature. Recently, it has given the pattern breakout with huge buying force and still manages to trade above the same. So, we anticipate that buying momentum can continue for coming day%u2019s upto 6300.
SmartInvestor : Bank Nifty hit 11,000 today. It's nearly at it's one-month high now. Is it advisable to go long on Bank Nifty. What are your top picks form the pack?
Mudit Goyal : Bank Nifty is trading in higher highs and higher lows on daily chart which is bullish in nature. One can initiate long in Bank Nifty for the upside target of 11500-1180 in near term.
Mudit Goyal : LONG: CANBK, AXISBANK, YESBANK AND PNB at current levels for the upside target of 8-10% from current levels.
SmartInvestor : Even metals are rallying as much? Is it advisable to enter those stocks at current levels. If yes what will those stocks be and key levels to watch out in those counters?
Mudit Goyal : Yes, select metal stocks are still looking very attractive on charts. Therefore, Trader with short term horizon can initiate long in JINDAL STEEL for the target of 280-290, TATASTEEL for 370-380 levels and SESA STERLITE for 220-230 levels.
SmartInvestor : What will be your trading strategy for Idea and Kotak Mahindra Bank today? Both these counters have their Q2 results lined up today?