Power sector stocks are buzzing in trade today after CERC’s order on Tata Power. Check out how to play this space with Ranak Merchant, technical analyst – strategies, Sushil Financial Services
Smartinvestor : The markets have rallied smartly after a nervous start with the Nifty regaining the 5,600 levels. Do you think we can sustain here? What are you advising your clients at the current juncture?
Ranak Merchant : With a breakdown on day of Infy results NIfty breached the 5500 mark briefly but managed to hold onto the Crucial Support placed at 5440 mark. Thereafter a double bottom near 5500 has aided the rally that is currently being witnessed.
The next barrier for Index lies near 5663 (200 day ema) break abpve which can extend the corrective bounce to 5750 levels. Clients have been adivsed to hold onto longs with trailing stop losses.
Smartinvestor : Power stocks are in focus again today after the CERC on Tata Power. How do Adani Power, Tata Power, Reliance Power look on the charts?
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