Banking stocks have been the worst hit in trade today. Do any appear oversold? Check out the trading strategies with Ranak Merchant, technical analyst - strategies, Sushil Financial Services
Smartinvestor : The markets have been under pressure since the start of trade today. Do you think this pain could aggrevate going ahead? What are you advising clients at the current juncture?
Ranak Merchant : Yesterday's upmove saw Nifty inch closer to our short term trading target of 6070. We had advised clients to take some profits off the table. Today's move has breached the previous two weeks patterns of a higher top and bottom and therefore 5980 would be watched on closing basis for next 2-3 sessions.
Smartinvestor : Banking stocks have been the worst hit in trade today. What are the key support and resistance levels for the Bank Nifty? Are there any stocks in this space that appear oversold on the charts?
Ranak Merchant : Banking stocks have faced the music today on account of key overnight developments. For the BankNifty 11367 was an important support and spot is currently below the same. To be watched on closing basis. Stocks need to be given a few more days to settle before taking a call on the same.
Smartinvestor : In terms of individual stocks, can you suggest key levels for ICICI Bank, SBI and HDFC Bank?
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