Check out the technical trends in select stocks such as Bharti Airtel, HCL Tech, Hindalco and Sun Pharma with Shrikant Chouhan, Sr VP (Technical Research), Kotak Securities:
SmartInvestor:Markets have been Volatile in the past few sessions. The Nifty has managed to hold on to 6,000 levels so far. What is your call on the market for the near term?
Shrikant Chouhan:In the near term we are expecting market to remain in a range of 5,960-6.100 ahead of domestic events like vote-on-account, WPI numbers. But broadly we are of the view that markets are going to correct and we can see levels of 5,800 on the Nifty.
SmartInvestor:Telecom shares have firmed up after the spectrum auction ended yesterday. Among the majors Bharti Airtel and Idea cellular which is your top pick and what are the near term supports for the selected stock?
Shrikant Chouhan:Technically Bharti Airtel is our top pick mainly because of the resilience the stock has shown during the period of the spectrum auction. The stock has not broken its multiple support area of Rs 295-300 which is giving a bullish indication about the stock and again we can expect levels of Rs 340 in the next 8-10 weeks. Support for the stock is seen at Rs 295.
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