Mid-cap stocks have seen a lot of unwinding in the past few sessions. Mudit Goyal, technical analyst, SMC Global suggests that one should exit this space on a rise.
Smartinvestor : After slipping below the 5,700 mark in today's trade, the Nifty has seen a good recovery. Do you expect the markets to drift lower in the days ahead? What are the key support and resistance levels?
Mudit Goyal : Short term and medium term bias still negative for the markets. Trend deciding level for upside is 5900, any closing above the same can attract fresh buying upto 6100 otherwise, downside rally remains continue for coming day’s upto 5600.
Smartinvestor : What's your call on Consumer Durable stocks like Titan industries, VIP and Videocon?
Mudit Goyal : Make long in TITAN for the target of 270-280. Avoid VIP and VIDEOCON at current levels.
Smartinvestor : Telecom stocks - Bharti Airtel, Idea Cellular and RCom have done well in trade today. Should one use this rally to book profits?
Mudit Goyal : Telecom stock can give more upside from current levels. One should wait for further upside upto 330 for Bhartiartl, 120-125 for IDEA and 65-68 for RCOM.
Smartinvestor : Do you track Hexaware, Tech Mahindra and Financial Technologies?
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