Check out the technical trends in select stocks such as ITC, L&T, Idea Cellular, Kotak Mah Bank and IRB Infra with Kunal Bothra, technical analyst at LKP Securities:
SmartInvestor : After a firm start markets have pared gains and extended losses as of now. The Nifty is trading just above 6,700 levels. What is your call on the Nifty for the near term and what is your advice to traders on the same?
Kunal Bothra : There is a critical short term support at 6750 on Nifty spot. If on closing basis, markets close below this level, then I think, there could be a chance that Nifty may correct till 6675-6650 levels.
SmartInvestor : ITC has been correcting from Rs 350 levels since the past few trading sessions. What are the medium term supports and resistances for the stock and what is your call on the stock for the medium term?
Kunal Bothra : ITC is trading at its support zone of 338-342. If the stock closes below this crucial support zone, it could confirm a fresh swing breakdown as well as bearish crossover of critical short term moving averages. The stock could then probably drift towards 320 levels gradually.
SmartInvestor : L&T seems to be taking a breather after sharp gains in the past few trading sessions. Is the stock likely to consolidate before resuming its uptrend? What is your advice to long term investors on the stock?
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