Check out the technical trends in select stocks such as IRB Infra, Infosys, TCS, Coal India, Hero MotoCorp with Salil Sharma, technical analyst and partner at kapursharma.com:
SmartInvestor : Markets have taken a breather today with the Nifty holding on to 7,300 levels. What is the near term outlook and advice to traders?
Salil Sharma : Nifty has tried to breach 7,500 levels twice and has retreated from these levels which shows that 7,500 is a strong resistance and support at 7,290. So traders can enter at current levels and exit positions around 7,450 levels.
SmartInvestor : IRB Infra has nearly doubled to Rs 200 after sharp gains since late April. Is the stock likely to consolidate before resuming its uptrend? What is the medium term outlook and targets?
Salil Sharma : IRB Infra has resistance around Rs 210-220 levels. The stock is likely to consolidate at current levels and the next resistance is at Rs 230 levels. If 230 is broken than Rs 290 is possible in the next 2-3 months.
SmartInvestor : Infosys has been range bound between 3150-3200 levels for the past few sessions. What is the medium term outlook and advice to long term investors?
Salil Sharma : Infosys is looking bearish and it is better to look at TCS. TCS is looking good on the charts as it is trading above it's 200-DMA of 2,090. Long term investors can accumulate TCS at current levels.
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