Markets opened form in trade today tracking global cues. The INR, too, was off its recent highs in trade today. Check out the key levels and trading strategies for frontline stocks and the rupee with Kunal Bothra, technical analyst, LKP Securities
Smartinvestor : The markets have started the day on a positive note tracking global cues. The rupee, too, is off its recent high. What are the key trends that you are picking up today morning? Should one sell in the current rally?
Kunal Bothra : These days we are just trading in "gaps" for the benchmark indices. I think closer to 5900, we have multiple resistances, technical as well as Options OI buildup (5900 CALL).. I think closer to 5900 trader can look to book profits in long positions.
Smartinvestor : Do you have a view on the rupee as well?
Kunal Bothra : There is a rising channel formation in USD-INR daily chart indicating the first target of 61, which got achieved yesterday. I think we might see a correction now in USD which could retest 59-59.50, which is now emerged as a strong support. I think for the very near term, rupee could remain in a range and the volatility may subside significantly.
Smartinvestor : Banking stocks are among the top gainers today. What's your view on this space. Do you like anything for a long / short position? What are the key support and resistance levels for the Bank Nifty?
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