Check out the technical trends and strategies for select index stocks such as TCS, L&T, ITC, Maruti and ICICI Bank with Somil Mehta, senior technical analyst at Sharekhan:
Smartinvestor : Markets seems to have pared most of the early gains and are trading flat in noon trades. The Nifty seems to find support at 5,500 levels. What is your advice to traders for the rest of the trading week?
Somil Mehta : Short term and medium term bias remains negative for Nifty and is expected to target 5350 with resistance around 5650 mark. The strategy should be to sell on rise.
Smartinvestor : TCS which corrected from its recent high of Rs 1,570 has started firming up from Rs 1,480 levels. What is the medium term outlook on the stock and what are the resistances and targets for the stock?
Somil Mehta : Short term and medium term bias remains negative for TCS. The stock is expected to target 1300 with resistance around 1550 mark.
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