Web special: Near term resistance for Nifty seen around 6050-6080

Check out the technical trends in select stocks with Mudit Goyal, technical analyst at SMC Global

Check out the technical trends in select stocks such as BHEL, Tech Mahindra and Hindalco with Mudit Goyal, technical analyst at SMC Global:

SmartInvestor : Markets opened flat but failed to sustain further gains. The Nifty is still trading below 6,000 levels as of now. What is the near term outlook and what is your advice to traders on the Nifty for this week?

Mudit Goyal : As per the charts, short covering can be witness from current levels upto 6050-6080 levels which would be consider as selling opportunity for near term. Close short above 6100 levels. Near term resistance is seen around 6050-6080 levels and key support is seen around 5880 levels.
 

    
SmartInvestor : BHEL is trading firm ahead of its results today. The stock has remained range bound at current levels. Is the stock likely to consolidate further before making an upmove? What is the medium term outlook and the supports/resistances?
    
Mudit Goyal : It is apparent from chart that stock is forming an “Ascending Triangle” on daily chart which is bullish in nature. Currently, it is trading on verge of breakdown of upward sloping support line conclusively moving below its 200EMA which gives the negative outlook for near term.
    
SmartInvestor : TECH Mahindra has firmed up on the back of robust third quarter earnings. The stock has topped the Rs 1,800 level as of now. What is your advice to investors on the stock for the medium term?

   


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