'Nifty can test 5,880 levels in coming days'

Check out the trading strategies for Nifty, CNX IT, rate-sensitive segments with Mudit Goyal, technical analyst, SMC Global.

SmartInvestor: The markets have nudged higher today after witnessing a sharp downslide for the last two trading sessions. Do you see the trend continuing or should one use the upside to exit? What are the important levels one should keep a tab on?

Mudit Goyal: As per the charts, markets found difficulty to breach the level of 6210 levels which was the 61.8% Fibonacci retracement levels of recent downside from 6340 to 5970 levels. It corrected sharply and entered in its earlier support zone of 5980-6070 levels.

Mudit Goyal: Breakout of 6070 can attract some buying upto 6180 levels and on the downside, Nifty can test the level of 5880 in coming days. Yes, one should use the upside for reducing their positions.

SmartInvestor: What are your top three BUY recommendations from the Nifty pack?

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