Chart Check: L&T, RIL, Titan Industries, Syndicate Bank

Check out the trading strategies for frontline stocks with Ranak Merchant, technical analyst - strategies, Sushil Financial Services


Smartinvestor : The markets have managed to maintain the positive momentum seen since today morning. What are the key Nifty levels you are tracking and should one use this rally to exit positions?

Ranak Merchant : Nifty spot 6070 level to be watched, leverage positions to be reduced on rallies above the same and balance to be held onto with strict stop loss.

Smartinvestor : L&T, BHEL and Punj Lloyd were battered in trade yesterday. Has the selling been overdone and what levels can one expect in these three counters over the next few days?

Ranak Merchant : Yesterday's result reaction took L&t a tad below the multiple support zone of 900 (Low 899) , although the same was breached today (low 887) on closing basis 900 would have crucial importance. If not able to sustain support would be found near 866, else stock would enter a consolidation zone for a brief while. Bhel is trending at multi month lows and stock has been a laggard for quite sometime now. Wouldnt be advisable to call a level a bottom till clear indications emerge, for traders stock would be best avoided. Punj Lloyd would be a ditto case like bhel.

Smartinvestor : Do you track gold related counters like Titan Industries, PC Jeweller, TBZ and Gitanjali Gems? They are buzzing in trade today.




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