SmartInvestor:Markets have corrected after gains in the previous four sessions. Meanwhile, the Nifty is holding on to 6,300 levels so far. What is the near term outlook for the Nifty and what is your advice to traders on the same?
Mudit Goyal:Technically, Nifty had witnessed a decent upside move from 5970 levels and had registered a fresh all time high of 6415 on 09th December, 2013. Afterwards, the index witnessed a healthy correction and found support around 6130 twice in past few sessions. Today, Nifty has entered in its earlier support zone of 6110-6130 levels and consolidating in that range. S0, some bounce back is expected from current levels upto 6420 in coming days. Trader should close their long position, if Nifty trade below 6220 levels.
SmartInvestor:Ranbaxy has slumped in early trades following the USFDA ban. Has the stock breached the medium term support levels? What is your call on the stock at current levels ?
Mudit Goyal:To be very frank I don’t track this stock. Considering the today’s move I am expecting more downside upto 315-300 levels in coming days.
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