Check out the strategies for key stocks with Ravi Nathani, technical analyst, Nsetoday.com
Smartinvestor : The Nifty has managed to take out 6,100 mark today morning. Could we see higher levels in the days ahead?
Ravi Nathani : Nifty has stiff resistance around 6098 & 6112 as per closing basis, until these levels are not violated as per closing basis, markets are expected to trade in a tight range of 6050 - 6112
Smartinvestor : Would you be a buyer in the pharma space at the current levels? Dr Reddy's Labs, Sun Pharma and Cipla are among the top Nifty gainers today. How do these look on the technical parameters?
Ravi Nathani : Trend on charts for Pharma is bullish on charts, whereas Sunpharma is expected to witness selling pressure on rise, therefore traders could sell on rise with a strict stoploss of 1000, with a target/support expected around 890. Drreddy (2038 - 1970) & CIpla (413 - 391) both the stocks are range bound on charts for short term.
Smartinvestor : What about the oil marketing companies - HPCL, BPCL and IOC?
Ravi Nathani : BPCL, HPCL & IOC all three are buy on dips whereas BPCL buy with a target of 422, SL398. HPCL with a target of 321, SL 302 & IOC with a target of 315, sl 290. Please note all the stoploss are trading & not on closing basis.
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