Check out the trends and strategies for select mid-cap stocks such as Godrej Ind, Dena Bank, Gujarat State Petronet, Emami and Indraprastha Gas with technical analyst Devangshu Datta:
Smartinvestor : Markets have slumped today post the Infosys numbers. The Nifty has dropped below 5,550 level. What is your advice to traders for the rest of the trading session?
Devangshu Datta : Market may find support at 5490-5500. Breadth is positive. If selling pressure eases off IT sector, the index could bounce back till 5550 or even 5575. If index drops below 5490, it could hit 5450.
Smartinvestor : Godrej Ind has been range bound for the past few sessions. The stock has topped the recent high of Rs 306 in early April. Is the stock likely to resume its uptrend after a period of consolidation?
Devangshu Datta : Godrej Ind stock is unable to sustain above 306. May be a failed breakout. The stock is likely to drop back ito range trading 295-305
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