Check out the trading strategies with Gaurav Ratnaparkhi, technical analyst, Sharekhan
Smartinvestor : The markets have drifted lower in trade today after a weak start. Can the Nifty break the 6,000 level on the downside in the days ahead? What are the key levels you are keeping a tab on?
Gaurav Ratnaparkhi : Nifty crossed the previous high of 6111 however couldnt sustain there. It has a potential to form a Double Top pattern, whose implications will be significantly bearsih. However we need some more evidences to confirm the same. From short term perspective, unless Nifty crosses yesterday's high of 6114.5 it can correct till 5900
Smartinvestor : Capital Goods stocks have seen a huge sell off today. How should one play this space? Are there any stocks that you would like to recommend for a long / short position?
Gaurav Ratnaparkhi : Most of the Capital Goods stocks are showing weakness on their respective daily charts; so one should be on the short side of the trade. Fresh short position can be initiated in L&T with stoploss of 1570 for tgt of 1475, BHEL with stoploss of 196.50 for tgt of 180
Smartinvestor : What about FMCG stocks like ITC, HUL and Jubilant FoodWorks?
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