Technical check on select mid-caps

Find out stocks you can buy and sell from the mid-cap space with Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services.

Smartinvestor : Markets have been in a downtrend for the fifth straight day today. The Nifty has dropped way below the psychological level of 6,000. What strategy should traders adopt for the benchmark index for the rest of the trading week?

Ranak Merchant : Nifty formed a Weekly double top near 6100 odd levels last week thereby negating the Higher Tops and Bottoms formation of last many weeks to form a lower top. For Nifty spot 6008 was a crucial support level and if it fails to conquer the same by this weeks end the current consolidation / correction phase may continue.

Smartinvestor : Mid-cap PSU banks have been in action over the past few days. Which would be your preferred pick in the segment and can you mention the near term supports and resistances and target for the said stock?

Smartinvestor : Jubilant Foods has been in a correction mode after rising sharply to Rs 1,260 levels in the last week of January. Is the stock looking oversold at current prices and what are the near term supports and targets for the stock?

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