Check out the trading strategies for key stocks with Kunal Bothra, technical analyst, LKP Securities.
Smartinvestor : The markets have been trading on a listless note since the past few sessions. What are you advising your clients in these rangebound market condition?
Kunal Bothra : Its been a tough market in terms of stock picking and patience testing. With a 10-20 point daily range on Nifty, it becomes extremely difficult to fathom any sort of concrete view. However, we believe that if 5850 holds on Nifty spot for this week then it could be a positive sign for many beaten down stocks.
Kunal Bothra : However, from a very short term perspective, 5850 and 5950 is where the Nifty is consolidating
Smartinvestor : Cipla and Ranbaxy have managed to outperform the Nifty today. Do you expect more upside for these two counters?
Kunal Bothra : Both these counters are seeing some good pullback.I think the rally would continue for a day or two as both have been beaten down quite a lot. Cipla is trading below its 100 DEMA, and could face stiff resistance at 400+ levels. Ranbaxy on the other hand is far below its 100 and 200 DEMA. Resistance for Ranbaxy is at around 433 levels.
Smartinvestor : Sugar stocks have been on a roll. Do you like anything in this pack for a long / short position?
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