Check out the technical trends and strategies for select index stocks such as Reliance Ind, ACC, Idea Cellular and Lupin with Salil Sharma, partner at kapursharma.com:
Smartinvestor : After being rangebound in early trades markets have pared gains. The Nifty has also slipped from 6,050 levels. What is your advice to traders on the Nifty for the week ahead?
Salil Sharma : The Nifty is likely to remain rangebound between 6,010-6,150 ahead of the F&O expiry next week. Advice to traders is that they can go long on sectors such as IT, Oil and Gas, FMCG and Pharma and avoid rate sensitive sectors such as Banks, Auto and Realty.
Smartinvestor : Reliance Ind has been forming higher tops and bottoms after breaking out from Rs 790 levels. What is your take on the heavyweight at current levels?
Salil Sharma : The stock has broken out of a long term range from Rs 885 which was the upward resistance. Next 3-4 days its should trade with a positive bias. The supports are at 905 and 885 and resistances at 950 and 980.
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