Heavyweight such as Sun Pharma, State Bank of India, Coal India and Tata Steel came out with their September quarter eanrings results yesterday. While Sun Pharma results were stellar, State Bank of India disappointed the street.
Sun Pharma is down 1% on profit booking; Tata Steel surged 3.76% today. How should one trade the counters after the results impact. Here's how:
SmartInvestor : Markets has hailed Yellen's remarks and has been moving up today. What is the near term outlook for the market and what is your advice to traders and investors?
Devangshu Datta : Maybe the start of a new uptrend. Nifty has a lot of resistance between 6100-6200 and it could halt anytime there. Or it could continue to move up. Stop loss any long positions at about 1 per cent off the entry price the Nifty support at 6050-6075 (future prices) is a good stop loss point for short-term traders
SmartInvestor : How are Sun Pharma, Coal India, M&M, SBI placed on technical parameters. Is it ok to buy Sun Pharma on dips from current levels. What are the next immediate support and resistances for the three stocks mentioned. Some brokerages has raised a red flag on SBI stock; your take on that?
Sun Pharma is down 1% on profit booking; Tata Steel surged 3.76% today. How should one trade the counters after the results impact. Here's how:
SmartInvestor : Markets has hailed Yellen's remarks and has been moving up today. What is the near term outlook for the market and what is your advice to traders and investors?
Devangshu Datta : Maybe the start of a new uptrend. Nifty has a lot of resistance between 6100-6200 and it could halt anytime there. Or it could continue to move up. Stop loss any long positions at about 1 per cent off the entry price the Nifty support at 6050-6075 (future prices) is a good stop loss point for short-term traders
SmartInvestor : How are Sun Pharma, Coal India, M&M, SBI placed on technical parameters. Is it ok to buy Sun Pharma on dips from current levels. What are the next immediate support and resistances for the three stocks mentioned. Some brokerages has raised a red flag on SBI stock; your take on that?
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