Advice not to take fresh positions: Mohit Gaba

Check out the technical trends in select stocks with Mohit Gaba, independent technical analyst and trader

SmartInvestor : Markets seems to be consolidating after sharp gains in the previous three sessions which pushed them to record highs. What trends are your seeing for the benchmark Nifty and what is your advice to traders for this week especially on May 16 when the results will be announced?
    
Mohit Gaba : There is a clear bullish bias on the market, Having said that, I would not take fresh positions given the results on the 16th. There is a small probability of a big down side risk as most of the positive news is priced in the vertical rally we have seen.

    
SmartInvestor : BHEL is one of the state-owned companies that has seen a sharp rise in its stock price. What are the charts indicating for the stock at current levels? What is your advice to short term traders and what are the supports and resistances for the same?
    

Mohit Gaba : BHEL has had a stellar move in the last 10 months, and the Uptrend is still on, however to enter now, 2 days before the all important election results is not recommended. If one is holding it they can have a stop loss of 200 for targets of 240 - 260.

  

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