Following is the brief interview transcript Ashish Kyal had on Zee Business at 12.30 pm, providing stock tip and trading strategy on Nifty
Q: What should be trading strategy on Nifty given the pressure seen over past 2 days?
A: Nifty has failed to sustain above the important support mark of 7600 and also broke below the previous pivot low. This will keep the short term trend negative and it is therefore advisable to use sell on rallies strategy rather than buy on dips. One can initiate shorts keeping a strict stop of 7690 and target of 7450 levels.
Nifty hourly chart:
Q. Any stock in buy or sell will you recommend. Since the outlook on market is negative will you prefer giving a sell call?
A: As the overall trend looks negative for now it is better to short the underperforming stock. HDFC has been moving lower and is one of the worst performers in today’s session. Also the stock has broken the important support zone of 1090 which is the pivot level. One can therefore sell this stock on rallies keeping 1120 as strict stoploss and for the target of 1020 which is close to the previous pivot lows.
HDFC Hourly chart:
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