Check out the technical trends in select stocks such as ONGC, Tata Motors, LIC Housing, Aurobindo Pharma with Kunal Bothra, technical analyst at LKP Securities:
SmartInvestor:Markets have yet again scaled new highs after exit polls showed that the NDA would form the government at the centre. Do you feel that the lower side of the range has moved up considerably? What is the possible range for the Nifty till Friday and your advice to traders?
Kunal Bothra:I think, at these times of extreme euphoria, its reasonable to play with the trend and not against it. We believe that the support of 6930 is now a strong technical support for Nifty traders. Upside targets could be closer to 7250-7280 range in the next 1-2 days.
SmartInvestor:Oil shares have been among the top gainers with ONGC hitting a new high of Rs 380 today. Do you see the stock topping Rs 400 levels in the near to medium term? What are the supports and resistances for the stock?
Kunal Bothra:Yes, its been a strong comeback from many underperforming sectors such as Oil&Gas. We believe that ONGC has now good support at 335-340 levels, and could possible head towards 400 in the medium term.
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