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LIVE Market Technicals with CK Narayan

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If you care to look at technical charts before taking investment/trading decisions in the stock market, this is the place you should be visiting regularly. CK Narayan of Chart Advise, Dalal Street’s most seasoned and arguably senior-most expert in market technicals, will share his technical tips on the go right here on this page. Stay logged in!

Exit long positions in PVR

Despite the fact that the theatres are under a lockout, the stock seems unaffected and has been maintaining an upmove. However, in today’s market weakness it has dropped sharply and is now hinting at a start of a correction. If the down move extends then we can see the it fall some more. Longs can be exited and active traders can attempt short as well.

image (31)ET CONTRIBUTORS

Kotak Bank: Upside move possible

Upward traction in Bank Nifty has managed to lift other banking and financial boats in the sea. Rising along with all others is Kotak Bank, which has staged a forceful breakout past near term resistances. Sharp increase in fresh open interest also supports the advance. In the price action, we find that Kotak is still in the negative as far as year-to-date is concerned. So there is a lot of movement that still seems possible for this stock. In the data table given for percentage gains and Ichimoku (source Neotrader), note that the the Tenken line has just crossed the Kijun line signaling fresh bullishness. Their levels (Rs 1,385-95) can be kept as a stop zone for swing trades in Kotak.

Kotak snipET CONTRIBUTORS

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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