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Technical check on the markets
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Mudit Goyal
technical analyst, SMC GlobalDate : 14 Jun 12 | 02:00 PM |
| Smartinvestor : Hi, this is Puneet Wadhwa and we have Mudit Goyal, technical analyst, SMC Global back with us for the Talk Show right now |
| Smartinvestor : Good afternoon Mudit and welcome back |
| Smartinvestor : Is the market's reaction to the inflation numbers for May announced a while ago in-line to what you had expected? What are you advising your clients at the current juncture? Is it advisable to book profit? |
| Mudit Goyal : May Inflation data is marginally above the expectation. However, I don’t think so that the story is complete yet. One should wait for the RBI policy review on 18th June. |
| Mudit Goyal : On charts, Market is currently trading above its 200 DMA which show the strength is still remaining. Key Resistance would be around 5180-5200, if we get any closing above 5200 then big upside move can be expected till 5400 and key Support would be around 4950. |
| Smartinvestor : How should one play the banking and auto stocks now? Do you like anything in this space for a long / short position? What are the key support and resistance levels for the Bank Nifty? |
| Mudit Goyal : At current levels, one should wait in banking and auto stocks. Long: Dena bank for the upside target of 110 and SBIN for the upside target of 2350. For Auto space, Long: Bajaj-Auto for the upside target of 1640. Key Resistance for Bank nifty would be around 10400 and Key support would be 9800. |
| Smartinvestor : What is your view on the mid-cap stocks? Can you suggest a few stocks from this space (along with targets) that you are bullish / bearish on from a near-term perspective? |
| Mudit Goyal : MID-CAP: Bullish on NCC for the upside target of 42 in near term and IRB INFRA for the target of 145. |
| Smartinvestor : Capital goods stocks have been the worst hit post the inflation numbers came out. How should one play this space? What about specific stocks like Punj Lloyd, BHEL and Suzlon? |
| Mudit Goyal : I suggest one waits before investing in capital goods stock till 18th June. Bullish on Punjlloyd and BHEL. Avoid Suzlon |
| Smartinvestor : India’s real estate sector seems to have started recovering from the bottom, reports suggest. How do the frontline players – DLF and Unitech look on the technical charts? What about HDIL and Ansal Properties? |
| Mudit Goyal : DLF has been bottomed out on charts. Trader can initiate long for the upside target of 10-15% from current levels. Still avoid Unitech. HDIL is also quit impressive on charts, can make long. Avoid Ansal Properties. |
| Smartinvestor : Lastly, please give us your Disclosures (if any) |
| Mudit Goyal : We may or may not have position in the stocks discussed. |
| Smartinvestor : Thanks, Mudit. See you again soon |
| Mudit Goyal : Bye |
| Mudit Goyal has logged out at 14-Jun-2012 02:11:57 pm |
| Smartinvestor has logged out at 14-Jun-2012 02:12:04 pm |
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