Smartinvestor : Markets have surged today on the back of a rally in energy stocks after natural gas prices were doubled. The Nifty has been hovering around 5,780 levels as of now. What is your advice to traders for the week ahead?
Ranak Merchant : The June expiry series week has seen volatility and a bounce from extreme oversold levels. Today's price action on account of news has brought back benchmark indices above their respective 200 day ema. also the first retracement resistance of the entire April - June fall stands at 5780 for the Nifty, currently pretty much near the same level. Going ahead, traders would be adivsed to book partial long profits and maintain the balance position with a trailing stop loss. Crucial for 5762 to be held onto on a closing basis.
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Smartinvestor : Oil India which gained sharply in early trades on back of the gas price hike has retreated from its day highs of Rs 625 and turned negative. What is the medium term outlook on the stock and what are the supports and resistances for the same?
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