Smartinvestor : Markets have pared gains after the initial gains post the RBI policy annoucement. What is your call on the Nifty for the week ahead?
Ranak Merchant : Last week's downturn post RBI measures to curb Rupee deprecitiaon weighed in on markets that are now closer to their important support zones. Nifty has current is below its turning point of 5831 and sustenance below the same may lead to a test of 5750 which is a multiple support zone on short term charts. With today's policy the uncertainity seems to be out for the extreme short term but this week being event heavy in terms of results and FOMC meet, participants would remain cautious. Watch 5831 on closing basis.
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Smartinvestor : TCS seems to have taken a breather after topping out at Rs 1800 levels last week. Is the stock likely to consolidate before resuming its uptrend? What is the medium term outlook and what are the resistances and targets for the same?
Ranak Merchant : TCS fell short if its lifetime high of 1808 , in today's trade. Any stock making new life highs surely seems to be in a perennial run. However the stock appears to be overbought and therefore should be eyed for correction. Any fall below 1751 would indicate short term weakness towards 1645. Tread with caution, resistance seen near 1872.
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