Check out the technical trends in select index stocks such as Tata Motors, Sun Pharma, Coal India, Bharat Forge with Ranak Merchant, technical analyst-strategies, Sushil Finance
SmartInvestor : Markets have remained rangebound for the past few sessions. What is the likely range for the Nifty for this week and what strategy can traders adopt at current levels?
Ranak Merchant : Nifty corrected to levels just below its 200 day ema and staged a bounce from near the multiple support zone of near 5950 levels. The resistance zone on the upside appears to be near 6070 - 6085 levels (closing basis) where selling pressure re-emerges. A close above the said zone remains imperative for markets to continue the bounce.
SmartInvestor : Tata Motors has zoomed in early trades on the back of robust earnings. The stock has gained nearly 10% in the past few trading sessions. What is the medium term outlook for the stock and what is your advice to investors on the stock at current levels?
Ranak Merchant : Mimicking the Nifty, Tata Mot too found support below its 200 Day EMA and has seen a smart comeback hence for reasons well known. Technically the stock has surpassed its next barrier of 50 Day EMA and is poised to test its lifehigh of 405.
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