On the charts: Maruti Suzuki, Tech Mahindra, ACC
Check out the trading strategies for key frontline and mid-cap stocks with Ravi Nathani, technical analyst, Nsetoday.com
Smartinvestor : The markets have opened on a flat note today. What are the key Nifty levels that you are keeping a tab on? Do you think it is a wise strategy to cash out at the current levels?
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Ravi Nathani : Cash out would depend on which stock one is holding however with regards to Nifty Index at current levels is a hold for medium term as Index is bullish on charts, fresh buying could be witnessed once index breaks & closes above 5992, whereas Near term traders strategy would be buy near support & Sell Near Resistance as Index is range bound on charts (5992 -5879) trade above/below would add trigger in the direction.
Smartinvestor : Auto stocks have seen a sell-off today. How do Maruti Suzuki, Tata Motors and Bajaj Auto look on the charts?
Ravi Nathani : Maruti has strong support at 1480 (as per closing basis) close below this level would open doors for 1440, Buy at current market price with a strict stoploss of 1480 as per closing basis. TATAMOTORS is a buy on dips with a target of 325 as stock is bullish on charts. Bajaj-auto is a sell on rise where as stock is expected to get support at 1920.
Smartinvestor : What are the key support and resistance levels for CNX IT? How do TCS, Tech Mahindra and Infosys stack up on the technical paremeters?