SmartInvestor: The markets have nudged higher ahead of Fed meet and RBI's Monetary Policy. Do you see the trend continuing or should one use the upside to exit?
Ranak Merchant: Last weeks correction led Nifty to close just above a crucial support zone of 6130-6140 which was held in yesterdays sell off. As long as this support zone is held on a closing basis, a short term bounce thereof is likely.
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Ranak Merchant: Traders would be advised to maintain a stop loss of 6130 (2 day closing stop loss) for long positions and book part profits in rallies ahead of the aforesaid events, if any.
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