Check out the technical trends and strategies for select large-cap stocks such as HDFC, Tata Motors, ITC, Reliance Ind and Infosys with Somil Mehta, senior technical analyst at Sharekhan:
Smartinvestor : Markets seems to enter consolidation phase after sharp gains last week. However, the Nifty has managed to stay above the 6,100 levels in intra-day trades. What is your advice to traders on the benchmark index for the week ahead of F&O expiry next week?
Somil Mehta : Nifty has closed negative facing resistance around the upper Bollinger band on the daily chart and is expected to retrace the entire rally from 5477 to 6230. Nifty short-term bias would change to negative for a target of 6010 with reversal around 6230.
Smartinvestor : HDFC has been in an uptrend for the past few weeks. The stock has firmed up from Rs 750 levels since early April forming higher tops and higher bottoms. Is the uptrend in the stock intact and what are the near term resistances and targets for the mortgage lender?
Somil Mehta : HDFC has been steadily rising over the past few weeks. The Short term and Medium term out look for the stock is positive and is expected to target 1000 with supports around 880 and 850.
Please click here for detailed transcript
