Traders waiting for either side breakout
For now, 80,900 would be the immediate breakout level, above which the market could rally up to 81,200-81,300; On the flip side below 80,500, the market could retest the level of 80,300-80,000
image for illustrative purpose
Mumbai: On Tuesday, the benchmark indices registered a fresh all time high of 80,898.30 points. NSE Nifty ends 16 points higher, while BSE Sensex was up by 44 points. Among sectors, Reality index outperformed gained over 1.50 percent, whereas media stocks witnessed some profit booking at higher levels. Technically, after an early morning intraday rally market witnessed some profit booking at higher levels. However, the short-term texture of the market is still positive. Currently, the market witnessed narrow-range activity at higher levels perhaps traders are waiting for either side breakout.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “For the bulls now, 80,900 would be the immediate breakout level. Above which, the market could rally up to 81,200-81,300.”
On the flip side, we could see one quick intraday correction if the index slip below 80,500. Below which, it could retest the level of 80,300. Further down side may also continue which could drag the market till 80,000.
“Markets were range-bound throughout the session as investors continued to trade with caution ahead of the Budget announcement, while weak European and Asian cues also weighed on the sentiment. There are a lot of expectations from this Budget and investors don’t want to rush into buying stocks, and hence they are in a wait and watch mode,” says Prashanth Tapse, senior V-P (research), Mehta Equities.
Vaibhav Vidwani, research analyst at Bonanza Portfolio, said that “Sensex was marginally up. Robust results reported by realty companies brought optimism in realty stocks. Surge in US treasury yields on rising expectations that Donald Trump may be re-elected as the President of the United States in the upcoming elections in November and Fed Chair Powell stated that Q2 inflation data may add some degree of confidence about inflation rate is sustainably returning to the Feds target of 2 per cent, brought optimism in global and domestic market.”
STOCK PICKS
WALCHANDNAGAR INDUSTRIES | CMP: 324 | SL: 310 | TARGET: 400
The stock has shown a robust breakout above its previous resistance levels of 315, marking a significant upward movement. With the price closing strongly above its previous high and retesting its breakout mark, the volume has surged, indicating strong buying interest. With these indicators, the stock shows potential to reach the target of 400 with a strict stoploss at 310
WELSPUN LIVING | CMP: 174.40 | SL: 165 | TARGET: 200
Welspun Living has exhibited a strong breakout, surpassing its previous swing high mark of 165. The stock has closed above its resistance levels, with volumes increasing significantly, reinforcing the breakout’s strength. Given these conditions, the stock is poised to achieve the target of 200, with a set stoploss at 165.
(Source: Riyank Arora, technical analyst at Mehta Equities)
CMP (Current Market Price); SL (Stop Loss)/All prices in Rs
