Check out the technical trends and strategies for select large cap stocks such as ICICI Bank, Dr Reddy's Labs, L&T, Mahindra& Mahindra and Bharti AIrtel with Somil Mehta, senior technical analyst at Sharekhan:
Smartinvestor : Markets have rebounded today led by rate sensitive shares.The Nifty has managed to stay above the 6,100 levels in intra-day trades. What is your advice to traders on the benchmark index for the week ahead?
Somil Mehta : The market momentum is expected to continue for now. The short term and medium term outlook on the markets is likely to remain positive. Traders should keep a strict stop loss at 6,050 and can go long for a target of 6,200 and 6,250.
Smartinvestor : Among the private banking majors ICICI Bank has firmed up in today's trades. The stock has remained range bound between Rs 1,150-1,170 for the past few sessions. What is the medium term outlook on the stock and what are the resistances and targets for the stock?
Somil Mehta : ICICI Bank has been in an uptrend for the past few weeks. Medium term outlook remains positive for the private banking major and is the stock is expected to move up to Rs 1,300 levels. The stock has resistance at Rs 1,210 and supports are seen at 1,140 and 1,100.
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