Tracking Technicals: Can the markets correct from here?

Check out what the technical charts suggest with Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services. Also find out the trading strategies for realty, cement and telecom stocks.


Smartinvestor : The markets have given up most of its early morning gains by now. Do you think the Nifty can slip in the days ahead? What are the key levels that you are keeping a tab on?

Ranak Merchant : NIfty has found some resistance near 6050 levels, the same was honoured even in yesterday's rally. 6050 needs to be watched on closing basis for establishment of the next breakout that may take us to 6181.

Smartinvestor : Are there any stocks in the Nifty pack that can be bought at the current levels?

Ranak Merchant : From the Nifty pack stocks that have established a breakout would include L&T and DLF. L&T can be bought for a trading target of 1632 for starters, stock corrected and held onto its 200 day ema and saw a reversal. DLF established a break above 245 yesterday and can test 261 as first target.



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