Check out the trends and strategies for select stocks such as ITC, Reliance Industries, Larsen & Toubro and pharma majors with Mudit Goyal, technical analyst at SMC Global:
Smartinvestor : Markets have rebounded today after two days of losses. The Nifty is edging towards 5,850 levels as of now. What is your advice to traders for the week ahead?
Mudit Goyal : Technically, Nifty has given a decent correction in last two sessions which is considered as healthy sign for near term. On daily charts, Nifty is going to form the “Inverted Head and Shoulder” pattern which is bullish in nature. Therefore, Index has to give a decent upside rally to complete the right shoulder of pattern.
Mudit Goyal : For near term, nifty is likely to seek support around 5730-5700 and on the upper side, may face hurdle around 5950-6000.
Smartinvestor : ITC has remained range bound between Rs 320-330 over the past few sessions. Is the stock likely to break out on the upside after a period of consolidation? What is the near term outlook and what are the resistances and targets for the stock?
Mudit Goyal : Stock was trading sideways in range of 315-340 levels from past few sessions which leads to trade in lower highs and higher lows on daily charts which is bullish in nature. Today it is being up by over 2% and got the breakout of same with average volume so we anticipate that buying momentum can continue for coming days which suggest the upside target of 350-355 in near term.
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