Check out the technical trends in select stocks such as DLF, Cipla, TVS Motor, HCL Tech with Kunal Bothra, technical analyst at LKP Securities:
SmartInvestor : Markets which opened higher seems to be losing steam as of now. What is your advice to traders for the rest of the trading session today?
Kunal Bothra : We are heading into a crucial 6080 resistance on Nifty spot levels. I think, till the time Nifty does not break this band of 6080-6100 and close above that, it is advisable to be cautious on the short term. Being extremely stock specific could be a decent strategy looking at the volatility in the short term.
SmartInvestor : After languishing below Rs 140 levels, DLF has surged today following the news of sale of some of its non-core assets. What is the medium term outlook on the stock and what are the supports and resistances for the same?
Kunal Bothra : Last week's candle is a bullish Hammer candlestick pattern on DLF's weekly chart. That candle low would now be a weekly support at 130 levels, and resistance is around the 50 DMA level which is at 154 levels from a weekly basis.
SmartInvestor : Cipla seems to be consolidating at current levels. Is the stock likely to resume its uptrend? What is the near term outlook and what is your advice to investors on the same?
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