In an interview with CNBC-TV18, Mithil Pradhan, Technical and Derivatives Analyst gave his readings and outlook for the market. He also shared his views and trading strategy for stocks like ONGC, GAIL, SBI and HUL.
Pradhan continue to remain bearish on Nifty. He said, "For the short-term, I will look at 5,513 as a potential resistance immediately. 5,350 is a minor support but, the methods that I follow, does not stand a chance. I will not look at supports. I will not look at any buying scenarios here." Citing his technical view on stocks he said, "On a larger scale there is lot of supply coming into SBI, on the other hand Bank Nifty is already into a bearish structure now. All these possibilities are going to occur and SBI can have another 15-20% downfall." He remains bearish on both ONGC and GAIL and believes that these stocks might have further downside. Below is the verbatim transcript of his interview with Udayan Mukherjee and Mitali Mukherjee of CNBC-TV18. Also watch the accompanying video. Q: You have been quite sceptical about the market, what did you make of the NiftyDiscover 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!
