Check out the F&O trends and strategies for select stocks such as Infosys, Tata Motors, Sesa Sterlite and Aurobindo Pharma with Salil Sharma, technical analyst & partner at kapursharma.com:
SmartInvestor: Markets have been consolidating after touching new closing highs last week. What is the near term outlook for the market and what is your advice to traders and investors?
Salil Sharma:Despite the rally, the Nifty was unable to cross 6,350Among the benchmark share indices, the Nifty should continue to consolidate between 6,080 - 6357 for the next two weeks before breaking out on the upside. While the consolidation is happening traders and investors should look for opportunities in the mid-cap space.
SmartInvestor:Infosys had touched a 52-week high yesterday. Is the stock looking overvalued at current levels? What are the medium term supports and resistances?
Salil Sharma:Technically the stock is looking strong. One can enter the stock if it corrects to Rs 3,320 with a stop loss at Rs 3,270 for a possible target of Rs 3,500 in the next two weeks. However, long-term investors can accumulate at these levels.
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