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Last Updated : Jan 25, 2017 10:24 AM IST | Source: CNBC-TV18

Nifty support at 8260; initiate fresh shorts on Titan: Ambit

Prashant Mittal of Ambit Capital says any downmove is likely to find support near the levels of 8,260 - denoting intermediate tops made between the double bottom formation.


Prashant Mittal of Ambit Capital says with the Nifty breaking out of the resistance near the 8,300 level, a reversal of the downtrend of the last few months has been put in place.


That said, the index is likely to witness some moderation in the near term due to a gap resistance in the zone of 8,460-8,530, he feels.


Mittal says, however, any downmove is likely to find support near the levels of 8,260 - denoting intermediate tops made between the double bottom formation.

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On stocks, he advises initiating fresh shorts on Titan Company, while he continues with his long position on ACC. He advises booking profits on ITC longs.

First Published on Jan 25, 2017 08:13 am
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