Is Ranbaxy an avoid given the US FDA extending the consent decree?

Click on to know Kunal Bothra's view, Technical Analyst at LKP Securities

Smartinvestor : What is your outlook on market and what are the key levels to watch out for on Nifty ?

Kunal Bothra : I think its a bit of a cautious approach for the markets, after yesterday's correction from day's high. I think that we could see a trading range for today as well. 5780 and 5850 are the key intraday levels to watch on Nifty spot levels.

Smartinvestor : What are your top picks from the banking names? And what are the levels?

Kunal Bothra : AXISBANK is forming a double top formation. I think below 1050 one could look at a trading opportunity of shorting for a target of 1020-1025 and stop loss at 1065.

Smartinvestor : Is Ranbaxy an avoid given the US FDA extending the consent decree? What do the charts suggest?

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