Nifty To Face Stiff Resistance At 7,580: Anil Manghnani

Anil Manghnani, director at Modern Shares & Stock Brokers, expects 7,580 to act as a crucial resistance for Nifty going ahead. If Nifty manages to cross 7,580, the rally can extend to 7,700- 7,800 levels, he added. (Watch)

He further added that the US stock markets are showing signs of exhaustion and may soon see a downward trend. If Nifty extends its current upmove and goes to 7,700-7,800, then traders should exit their long positions, he added.

Stock Talk

ICICI Bank: It may slip and retest Rs 180.

Tata Motors: The stock can extend upside movement till Rs 370.

ITC: Investors should book profit as Rs 330-Rs 340 is a good supply zone (resistance) for ITC.

Maruti Suzuki: The fall was overdone, so the current pullback will continue till Rs 3,900-4,000. The appreciation in yen is a problem for Maruti. There is a strong possibility that yen may appreciate up to 107/dollar, so that may push Maruti closer to Rs 2,900-Rs 2,800 levels. It will be a screaming buy at that level.