Both these stocks have seen a sharp fall in today’s trade. What should you do with these scrips now? Check out the trading strategies with Gaurav Ratnaparkhi, technical analyst, Sharekhan
Smartinvestor : The markets have opened with a negative bias today. What are the key trends that you are tracking right now?
Gaurav Ratnaparkhi : Medium term trend for Nifty is down. However it has completed a five wave decline at the low of 5477 & unless that is broken I am expecting a short term bounce till 5650 - 5700
Smartinvestor : BPCL and ONGC have logged smart gains in an overall flat market today. How do these stocks look on the technical parameters?
Gaurav Ratnaparkhi : CNX Energy Index is poised for a descent bounce & within that sector BPCL & ONGC are best buys. Both the stocks are trading above their respective crucial daily Moving Averages & momentum indicators are in bullish mode. BPCL can move up till 405 - 415, whereas ONGC has targets of 333 - 335
Smartinvestor : Gold loan companies like Muthoot Finance and Manappuram Finance have crashed in trade today. Do they appear oversold on the charts? What trading strategy should one adopt regarding these two counters?
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