Check out the technical trends in select stocks such as Bharti Airtel, HDFC Bank, Sesa, Maruti and IT majors with Mudit Goyal, technical analyst at SMC Global
SmartInvestor : Markets have weakened over the past few sessions. The Nifty seems to have breached its crucial support levels and is now trading near 6,050. What is the near term outlook on the Nifty?
Mudit Goyal : Currently index is moving below its 21EMA, 50EMA and 100EMA on daily charts which indicates that Short term and medium term bias remains negative for the markets. For near term, Key support is seen around 5980-5970 levels and on the upper side, index can face hurdle around 6180-6200 levels.
SmartInvestor : Bharti Airtel seems to be holding above Rs 300 levels despite weakness in the markets today. Is the stock likely to consolidate before resuming its uptrend? What is your advice to investors on the stock for the medium term?
Mudit Goyal : Medium term trader can initiate long in Bharti Airtel at current levels for the upside target of 35-330 levels.
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