Check out the technical trends and strategies of select large cap stocks such as TCS, Tata Steel, ITC and Sun Pharma with Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services:
Smartinvestor : Markets continue to trade firm in noon trades today and the Nifty seems to be consolidating around 5,960 mark. Markets had witnessed huge volatility last week and What is your outlook on the benchmark index for this week?
Ranak Merchant : Last week's fall saw the markets test the 38.20% fibonacci retracement levels of 5942, though the same was breached in intraday session, closing basis Index was just shy of the same. For the week to come 5942 holds importance and sustenance of the same needs to be eyed for a re attempt rally to unfold.
Smartinvestor : TCS seems to be consolidating in a narrow range between Rs 1,450 and Rs 1,500 for the past few weeks. Is the stock likely to breakout on the upside and what is your advice to long term investors on the stock?
Ranak Merchant : Long term investors may continue to hold onto to the stock. However from a trader's point of view 1454 on closing basis is a curcial support and if breached may lead to some short term correction on the counter towards 1364 levels.
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