The Nifty seems to be in a strong downtrend and could be headed for a new 52-week low (which is around 4630 levels), said Devangshu Datta, Consulting Editor of Outlook. Moreover, he feels the Nifty will not move past 4,850 levels on the upside.
For the people willing to take short positions, Datta advised to take a stop loss at 4,800 levels and for the people taking long positions; he recommended them to take a stop loss at about 4,700 levels.
Talking about State Bank of India (SBI), which looks very bearish, Datta said it might recover with rumours of a good credit policy, which is happening till Friday. He mentioned that if the support at Rs 1,755 levels breaks, it might drop to about Rs 1,710-1,720 levels. Here is the edited transcript of his interview to CNBC-TV18. Also watch the accompanying videos. Q: After yesterday
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