Check out the trading strategies for key frontline and mid-cap stocks with Kunal Bothra, technical analyst, LKP Securities
Smartinvestor : The markets have drifted lower after a soft start. Do you see lower levels for the Nifty in May?
Kunal Bothra : I think the markets would go under consolidation, maybe a correction. But the last couple of weeks of sharp rise suggests that the medium term trend has turned up. The correction could probably last till 5780-5800 levels.
Smartinvestor : Are there any Nifty stocks that are looking good on the charts despite this outlook?
Kunal Bothra : Yes there are a couple of stocks which are showing bullish chart patterns. Automobile stocks such as Bajaj- Auto and Maruti look good for more upside. Same is the case with Banking stocks like SBIN, HDFCBANK, AXISBANK etc.. I think even if market consolidates from here, there are chances that we may see the tier 2 stocks or midcap stocks gaining on momentum.
Smartinvestor : Banking stocks have taken a hard knock today. How do Union Bank of India, Canara Bank and Bank of India look on the charts? What are the key support and resistance levels for the Bank Nifty?
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