Stocks from both these sectors have reacted to the news flow in trade today. Check out the trading strategies for frontline stocks in these spaces with Kunal Bothra, technical analyst, LKP Securities.
Smartinvestor : After hitting 5,700 in opening moves, the Nifty has drifted lower now. Do you expect some profit booking to come in at this stage given the recent rally? What are the key levels for the Nifty (cash segment) you are keeping a tab on?
Kunal Bothra : There is a strong chance that the markets would consolidate, and Nifty, after a very strong uptrend, would now trade in this range of 5650-5750 for the current month expiry.
Smartinvestor : Are there any stocks in the Nifty pack that one can SELL at the current levels?
Kunal Bothra : Yes, I am particularly bearish on Tatamotors. Even technically, this stock is finding renewed resistance around 280 levels. Since yesterday, we have been advising short on this, and we believe the stock can drift to 265/260 levels in the next few trading sessions.
Smartinvestor : How should one play the power pack now given the government's move to recast power discoms' loans?
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