Benchmark indices continue to remain positive in a tight range led by IT and banking shares.
At 11:10 AM, the 30-share Sensex rose 74 points to trade at 20,603 and the 50-share Nifty gained 19 points at 6,115 levels.
Index heavyweights such as RIL, TCS, HDFC and Bajaj Auto will announce their Q2 earnings in the week. Ravi Nathani while speaking to Manu Kaushik outlines the strategy to play these counters.
SmartInvestor : Nifty is now trading at 6121,Sensex too is up more than 100 points. After jumping more than 3% last week market is in no mood to give up gains. Do charts suggest a bullish trend. What are the key levels to watch out from here.
Ravi Nathani : On technical parameter (Medium term): Nifty Index on Monthly charts is patterned with lower top & lower bottom, however this bounce could be treated as the best selling opportunity for a Nifty trader with a strict stoploss of 6230. On technical parameter (Near term): Nifty Index has strong resistance around 6143. Trade above this level would add fresh buying whereas next resistance on charts could be expected around 6160 & 6190.
SmartInvestor : Infosys dominated the newsflow on Friday. Ended almost 6% higher and is up more than 1% today. What are the key levels to watch out?
Ravi Nathani : Post sharp rally in near term INFY in expected to witness profit booking on rise whereas next strong resistance is expected around 3354, close above this level would open doors for 3401 and 3480. Best trading strategy for traders to trade in INFY would be buy only of dips (near support level - 3200) or buy above 3354 on closing basis.
SmartInvestor : How would you suggest playing heavyweights such as RIL, TCS, Bajaj Auto and HDFC which are set to announce their results this week?
