Be cautious at 5150 level: Kotak Securities
ET Now talks to Shrikant Chouhan, Senior Vice President Technical Research, Kotak Securities on market movement.
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| ET Now talks to Shrikant Chouhan, Senior Vice President Technical Research, Kotak Securities on market movement.
Purely on the index how is it that you are playing the tight range?
It is a tight range market but we have seen very over-retraced rally from the levels of 4700 to 5100. So my sense is, at these levels, one should be very cautious at select 5150 levels because from there, we can expect anytime good correction, at least up to 5000-5050. So it is better to short at 5150 levels, 5170 levels and keep a target of 5040-5030 on the lower side.
Purely on the index how is it that you are playing the tight range?
It is a tight range market but we have seen very over-retraced rally from the levels of 4700 to 5100. So my sense is, at these levels, one should be very cautious at select 5150 levels because from there, we can expect anytime good correction, at least up to 5000-5050. So it is better to short at 5150 levels, 5170 levels and keep a target of 5040-5030 on the lower side.
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