BHEL has strong support at 149-150: Devangshu Datta

Check out the technical trends in select index stocks with technical analyst, Devangshu Datta

Check out the technical trends in select index stocks such as BHEL, Hindustan Unilever, Axis Bank, TCS and Tata Motors with technical analyst, Devangshu Datta:

SmartInvestor : Volatility in the markets has surged in the past few sessions. The Nifty has slipped below 6,000 as of now. What is your advice to traders for the rest of the trading session?

Devangshu Datta : Stop loss long positions at 5965, stop loss shorts at 6050. Hope for breakouts.

SmartInvestor : After consolidating around Rs 570 levels Hind Unilever seems to have broken out on the upside today. What is the medium term outlook and what are the supports and resistances?

Devangshu Datta : Yes there has beena mini- breakout. The stock could move till 590, or iff it breaks that resistance it could go till 600. Downside, there's support at 572, 577.

SmartInvestor : BHEL has retreated from Rs 170 levels and is trading weak post its results announcement. Will the weakness in the stock continue further? What is your advice to short-term traders on the stock?
    
Devangshu Datta : Strong support at 149-150. May hold there. Could bounce to 155-156 on the next burst of short covering, If 149 is broken, it could fall much further. Long-term prospects look poor with strong resistance at 160.

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