Key Benchmark indices pared gains clocked in early trades in a volatile session, dragged down by information technology shares amid other heavyweights.
Banking majors like ICICI Bank, SBI and HDFC Bank have gained between 1-2% ahead of the RBI's policy on January 28. The central bank is widely expected to keep interest rates unchanged after inflation cooled last month.
Check out the trading strategies in Bank Nifty, IT majors, Asian Paints, Tata Motors with Devangshu Datta, Technical Analyst:
SmartInvestor: Benchmark indices have erased early gains and are trading volatile in a narrow range. Nifty has managed to stay above the 6,300 levels in intra-day trades. What is your advice for investors to trade in Nifty?
Devangshu Datta: Stop loss shorts at 6350 and stop loss long positions at 6275 and wait for breakouts/ breakdowns.
SmartInvestor: Tata Motors it on a roll with a gain of over 3%. How does it look on technical parameters?
Devangshu Datta: Resistance between 388-390 and major resistance between 392-396. Would expect upmove to halt at one of those.
SmartInvestor: Banking majors like ICICI Bank, SBI and HDFC Bank are witnessing buying demand. How one should play these stocks ahead of policy?
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