Rikesh Parikh, Motilal Oswal Financial Services is of the view that if ONGC, HPCL close below their 200 DMA then probably all the unwinding will be happening and it could trigger a short position.
Parikh told CNBC-TV18, “We had seen some amount of built up happening in all the oil marketing companies and most of them are trading very close to its 200 DMA. So, if they are breaking below it then that could be a trigger. Something like a ONGC which is having a Rs 270 level with a 200 DMA or HPCL which has a 200 DMA just below it around Rs 295. So if they close below it then it probably all the unwinding will be happening and it could trigger a short position also over there.” Commenting on banking sector, Rikesh Parikh said that, "I would say off late private sector banks had been beaten down to a certain extent but probably they being oversold they are providing some relief and moving up. I think Bank Nifty if we look at structurally – had a 200 DMA support around 9860 and from there it is showing sign of reversing. So probably keeping the last two days lows as the stop and look at buying in the rebound over there."Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
