Nifty to face stiff resistance around 7,172: Ravi Nathani

Check out the technical trends in select stocks with Ravi Nathani, Technical Analyst, nsetoday.com

Check out the technical trends in select stocks such as ITC, MindTree, SBI, Tata Steel, M&M Fin, Apollo Hospitals with Ravi Nathani, Technical Analyst, nsetoday.com:


SmartInvestor:Markets seem to consolidating ahead of the election results tomorrow. What is the broad range for the Nifty for today's trade and what is your advice to traders?

Ravi Nathani:As yesterday Index has closed flat on chats post sharp rally stiff resistance on charts is expected around 7172, whereas support is at 7060.00, trade above/below would add trigger in the direction.

SmartInvestor:ITC has firmed up from Rs 340-345 levels. The stock had earlier topped out above Rs 360 levels. Is the stock looking overbought at current levels? What is your advice to short term traders on the stock?

Ravi Nathani:ITC is bullish on charts, best trading strategy for traders would be buy on dips with a target expected 380 in short term.

:Our viewer Sandesh is a trader holding 200 shares of Mindtree Consulting @ 1457. Whats the near term outlook and do u feel that IT shares like Wipro have bottomed out.

Ravi Nathani:MINDTREE is currently trading in a range (1460 - 1416) close above / below would add trigger in the direction. Wipro on charts is a sell with a strict stoploss of 537 as per closing basis one could go short with a target expected 490 & 480.00

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