The Reserve Bank of India's credit policy is due on January 29. Find out how should you trade stocks from the rate sensitive sectors ahead of the credit policy with Ranak Merchant, technical analyst- Strategies, Sushil Financial Services.
Smartinvestor : The Nifty hit 6,100 mark in intra-day deals today. Do you expect it to trend higher in the days ahead?
Ranak Merchant : Though Nifty has been trending in a Higher Top and Bottom formation on weekly charts in a well defined channel, it seems to have hit a congestion zone where % changes have become minimal. Our next target for Nifty does lie at the 6181 level but the path may be of a slow grind. Rbi policy and results would have to be watched for fresh triggers.
Smartinvestor : What about stocks like Asian Paints, Sun Pharma? They are among the top Nifty gainers today.
Ranak Merchant : Donot track Asian Paints, Sunpharma has given a corrective rally today post 7 sessions of decline from a Daily Double top, need to see it the same establishes a reversal or not.
Smartinvestor : How would you play the rate sensitives then? DO you like anything in the auto and banking packs for a long / short position ahead of the RBI's policy review on January 29?
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