While the benchmark indices are trading range-bound, select telecom stocks are attracting investor interest. Mudit Goyal, technical analyst at SMC Global suggests the trading strategies for key frontline and mid-cap stocks.
Smartinvestor : It has been a quiet start for the markets in the new month (November). How do you see the Nifty panning out in the weeks ahead?
Mudit Goyal : From past few sessions, Nifty was consolidation in range of 5630-5750, but recently it has given the breakdown of same. Yesterday, it found support around 5583 which is 31.8% Fibonacci retracement level of entire upside move from 5220 to 5815 and bounced back in last hour of trade.
So, 5580 would act as a good support zone for the market. If we get any closing below the same may attract panic selling till 5460-5400. On the upside, may face hurdle around 5740-5780 for near term.
Smartinvestor : Most auto stocks are trading firm today. Do you like anything in this space for a long / short position based on the technical chart patterns?
Mudit Goyal : Long:MARUTI for the upside target of 1520-1550, HEROMOTORCORP is going to complete the “W” formation on daily charts which suggest the upside target of 1985-2020 and M&M for the upside target of 1000-1020 for near term.
Smartinvestor : Bharti Airtel has gained over 2% in trade today. how does it look on the technical charts? What about RCom and Idea Cellular?
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