Check out the trading strategies in Nifty, IT, metal stocks and few midcap shares with Pritesh Mehta, Senior Technical Analyst, India Infoline.
SmartInvestor: Markets continue to trade volatile in a narrow range after witnessing a strong upmove yesterday. Nifty is hovering around 6,200 mark. What is your advise for investors to trade in Nifty?
Pritesh Mehta: Post-Diwali period, Nifty corrected more than 300 points and and also broke below the rising trendline which connected all the higher lows from the levels of 5,200 since August. Current rally can be best described as a short-term bounce from oversold levels.
Pritesh Mehta: So distribution is quite possible around 6,250-6,270 levels. Formation of a lower high below 6,342 would signal a topping out pattern. Booking profits at higher levels would be a wise strategy.
SmartInvestor: IT major Infosys has hit 52-week high. Is the uptrend in the stock intact and what is your advice to long term investors?
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