Check out the technical trends in select stocks such as Titan, Whirlpool, Voltas, Wockhardt and Arvind with Mudit Goyal, technical analyst at SMC Global:
SmartInvestor : Markets have been trading range bound since early trades today. What is your call on the Nifty for the near term? What are the key levels to watch out for and what is your advice to traders?
Mudit Goyal : Technically, Nifty has retraced more than 50% of Fibonacci retracement level of recent downside from 6350 to 5940 levels and continued to trade above the same. On the upper side, rally can extend upto 6265-6280 levels in coming days whereas 6120-6095 can act as good support for near term.
SmartInvestor : Titan has been in an uptrend from early February. Is the uptrend in the stock intact and what is the medium term outlook on the stock?
Mudit Goyal : Titan Industries was forming Inverted Head and Shoulder pattern on daily charts and gave the breakout of same in early trade. As per the technical pattern, chart suggests that stock has to give decent upside move up to 260-265 levels in coming sessions.
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