Check out the technical trends for select large caps such as Hindustan Unilever, Ambuja Cements, Bharti Airtel and Wipro with Salil Sharma, partner at kapursharma.com:
Smartinvestor : Markets have remained range bound on the first day of Aug series. What is your call on the Nifty for the week ahead?
Salil Sharma : If the Nifty holds above 5,900 than the bias will be positive else negative. In case the Nifty holds on to 5,900 levels it can go up to 6,030. In case it slips below 5,900 then it can go down to 5,830. So basically it will be range bound between 5,830-6,030.
Smartinvestor : Hindustan Unilever is now witnessing at correction at higher levels. Is the stock looking overbought at current levels? What is the medium term outlook?
Salil Sharma : Yes, the stock was looking overbought at Rs 720 levels and the ongoing correction is an extension of that. The stock has a crucial support at Rs 638 and if it stays above this level outlook is positive. At current levels the stock looks good and can move up to Rs 710 levels.
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