Check out the technical trends in RIL, ICICI Bank and midcap banks with Mohit Gaba, independent technical analyst and trader.
SmartInvestor : The markets have been in a no-trade zone for the past couple of weeks. How do you expect this last session of the week to pan out, going by the technical parameters?
Mohit Gaba : On the Index we have seen a good move today, one could buy with a stop loss at 6650 for targets of 6780 - 6800
SmartInvestor : RIL seems to be making yet another attempt at re-testing its 52-week highs of Rs 988. Do you see the index bellweather charting new territory?
Mohit Gaba : Reliance has been consolidating between 950 - 970, the weekly structure is still positive and it could very well reach new highs, specially if the out come of the elections is positive.
SmartInvestor : ICICI Bank seem to be forming higher tops and bottoms on the charts. What are the levels that one could look at?
Mohit Gaba : ICICI Bank is near all time highs, the best way to trade it is to have a trailing stop loss and ride the up trend. In this case 1265 is a good trailing stop loss.
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