Technical trends for select index stocks

Check out the technical trends for select index stocks with Ranak Merchant, Technical Analyst (Strategies), Sushil Financial Services

Smartinvestor : Market have been volatile over the past few sessions. The Nifty seems to find support at 5,700 levels. What is your call on the market for the rest of the week? What are the near term supports and resistances for the benchmark index?

Ranak Merchant : The last week's fall marked the 5th straight week of declines for Benchmark Indices that managed to find support near their respective 200 Day EMA. The last 3 sessions have seen the Nifty forming a base around 5650 levels (200 Day EMA). If 5650-5623 zone is sustained in next two days a technical bounce towards 5835-5888 in on the cards.

Smartinvestor : Tata Motors has been range bound around Rs 300 levels since the last week of Jan after touching a 52-week high of Rs 337. Is the stock likely to consolidate further and what are the near term resistances and targets for the stock?

Ranak Merchant : Tata Motors has been trending between its 200 day ema and 50 day ema finding support and resistance near the same respectively. The price band of 304-310 offers multiple resistances to the stock and therefore short term longs can be booked near the same if not crossed. Sustained upmove towards life high to unfold post a close above 310. Dips if any can be used to go long in the stock.

For detailed transcript please CLICK HERE