Web special: Technical check on select large caps

Check out the technical trends and strategies for select large caps with Mudit Goyal, technical analyst at SMC Global

Check out the technical trends and strategies for select large caps such as SBI, TCS, L&T and Cipla with Mudit Goyal, technical analyst at SMC Global:

Smartinvestor : Markets have taken a breather after gains yesterday. What is the near term outlook on the markets? What is your advice to traders for the week?

Mudit Goyal : Technically, Nifty is consolidating in narrow range of 5750-5900 from past few sessions on daily charts so any breakout of either side can be the decisive move for near term. Any closing above 5900 can attract fresh buying upto 6100 and on the downside, closing below 5750 may open door for fresh selling upto 5550 for near term.

Smartinvestor : TCS has been range bound between Rs 1,480-Rs 1,520 levels. Is the stock likely to break out on the upside after a period of consolidation? What are the medium term resistances and targets for the stock?

Mudit Goyal : As per the charts, this consolidation may continue for coming days. Stock can find resistance around 1520-1550 for near term. If we get any closing above 1550 then only more upside can be expected upto 1620-1650.

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