'IT & FMCG shares are best avoided for fresh longs'

Check out the trading strategies in Nifty, IT, FMCG shares and few Midcap stocks with Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services

SmartInvestor: Markets are trading lower as investors booked profits at higher levels after sharp gains yesterday following the Iran deal. How do you see the Nifty panning out ahead of November F&O expiry on Thursday?

Ranak Merchant: Nifty witnessed a rally in yesterday's trade from a weekly Double Bottom near 5980-5975 levels which also marked a Fibonacci retracement support of the recent down-move. Iran deal news aided the rally. The upmove was capped near 6115 levels again a Fibonacci retracement resistance from where a correction can be seen in today's trade.
 

Ranak Merchant: Support for the day lies near 6065 levels and if the same sustains a rally towards 6157 would be on the cards. Markets to witness 2 way volatility on account of expiry.

SmartInvestor: IT stocks have fallen on weak economic data in US and on a firm rupee. How are TCS, Wipro, Infosys placed on the technical parameters?

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