Check out the trading strategies for buzzing stocks of the day with Mudit Goyal, technical analyst, SMC Global
Smartinvestor : The markets have cracked badly in today's session with the benchmark indices slipping nearly 1%. What are the key Nifty levels you are keeping a tab on? Can it break 5,800 mark on the downside?
Mudit Goyal : Nifty is continued to face selling pressure on every high levels which indicates that sellers is still aggressive at current levels.
Mudit Goyal : Technically, 5840-5800 is very crucial support zone for near term, if we get any closing blow the same then fresh sellers can be more active due to which nifty have to test 5650 and on the upper side, 5970 is first hurdle for further upside rally.
Smartinvestor : Metal stocks - Sesa Goa, Hindalco and Jindal Steel & Power are among the worst hit today among the Nifty pack. Do they appear oversold on the charts?
Mudit Goyal : These stocks can remains under selling pressure in near term. Avoid making long at current levels. Short Hindalco for 100-95 levels, Sesagoa for 155-150 and Jindal Steel & Power for 330-320 levels.
Smartinvestor : What about Havells India, Crompton Greaves and Punj Lloyd in the capital goods space?
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