Check out the technical trends in select stocks such as Reliance Ind, HUL, Ranbaxy Labs, Hero MotoCorp and Tata Steel with Somil Mehta, Sr Technical Analyst, Sharekhan:
SmartInvestor : Markets have rebounded today after correction in the past few sessions. The Nifty has firmed up above 6,150 levels as of now. What is your call on the Nifty for the near term?
Somil Mehta : Near term outlook is bearish as the Nifty has broken the previous swing low of 6,130. Hence we expect Nifty to correct upto 5920. traders are advised to sell on rise.
SmartInvestor : Reliance Ind has been in a downtrend from Rs 885 levels. The stock has firmed up after correction in the past few sessions. What is the medium term outlook for the stock and what are the supports and resistances for the same?
Somil Mehta : The medium term outlook for reliance industries is negative. Crucial support for the index heavyweight is placed at 830. traders can go short on the breach of this support.
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