Smartinvestor : The markets have been on a downward spiral. What are the key trends you are tracking? What are the key support and resistance levels for the Nifty?
Also Read
Kunal Bothra : Yes, the trend for the market is on the downside. A break below 5800 would not confirm that to a stronger degree. The resistance is now placed at 5960 for Nifty spot.
Smartinvestor : Are there any stocks among the NIfty pack that appear oversold?
Kunal Bothra : Technically, there a couple of counters which look oversold, but the concern here is, the indicators may continue to remain in the oversold territory, but the price damage can significantly increase..Stocks such as L&T, Jindalstel, Hindalco amongst others.
Smartinvestor : Telecom stocks have done well today. How do Bharti Airtel, Idea Cellular and RCom stack up on the technical parameters?
Kunal Bothra : We have been bullish on Idea since the last 2 days, from 112 we have a target of 120. It almost achieved it today. But, I think these are good turning points for Bharti as well as Idea. The first sign of a sector providing support to the market. What is important is whether it will sustain this rally or succumb to selling pressure like many of the other frontline stocks.
Smartinvestor : How are the railway stocks - Kalindee Rail, Texmaco and Titagarh Wagons - looking ahead of the Railway Budget today?