Market largely positive
As long as it is trading above 80,600 level, the bullish texture is likely to continue on the higher side market could rally up to 81,300-81,600; On the flip side, below 80,600 level, it may correct till 80,100-79,800
Mumbai: On Wednesday, the benchmark indices continued positive momentum, BSE Sensex was up by 86 points. Among sectors, FMCG and Media indices outperformed rallied over one percent whereas Reality index shed over 1.25 per cent. Technically, on daily and intraday charts market is holding uptrend continuation formation, which is largely positive.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “We are of the view that, as long as it is trading above 24,650/80,600 range, the bullish texture is likely to continue on the higher side market could rally up to 81,300-81,600.” On the flip side, dismissal of 24,650/80,600 may trigger one quick intraday correction till 20-day SMA (Simple Moving Average) or 80,100-79,800.
STOCK PICKS
Pokarna | Buy: Rs876.25 | SL: Rs825 | Target: Rs950
Pokarna is exhibiting robust momentum with an RSI (14) of 63, signalling a sustained buying interest. The stock has experienced a sharp surge in performance, supported by a noticeable increase in volumes. A potential pullback should be managed with a strict stop loss at Rs825, while the upward trend suggests a move towards the target of Rs950.
Sterling Tools | Buy: Rs535.90 | SL: Rs500 | Target: Rs600
Sterling Tools is showing impressive strength, with an RSI (14) of 83, highlighting strong upward momentum. The stock has seen a sharp surge and increased trading volumes, reinforcing the bullish outlook. A pullback may occur, but maintaining a stop loss at Rs500 is crucial as the stock is poised to rally towards Rs600.
(Source: Riyank Arora, technical analyst at Mehta Equities)
CMP (Current Market Price); SL (Stop Loss)/All prices in Rs