57,500 will be key support level
On Thursday, after a Wednesday intraday correction, once again the market took the support near 57,280 and reversed sharply. After a muted opening the Nifty successfully clear the intraday resistance of 57,500 and comfortably trading above the same which is largely positive.
image for illustrative purpose
Stock Picks
- APOLLOHOSP: Above Rs5,052 with a target of Rs5,102 and Stop loss of 5002. The stock is in upward trending channel and is on the verge of a breakout.
- AARTIIND: Above Rs922 with a target of Rs932 and Stop loss of Rs913. It has support of 8 and 40 EMA.
- BRITANNIA: Above Rs4,080 with a target of Rs4,120 and Stop loss of Rs4,040. The stock is in upward trending channel and has given a breakout.
- IBREALEST: Above Rs145 with a target of Rs147 and Stop loss of Rs143. It has a support of 8 EMA.
- HINDZINC: Above Rs326 with a target of Rs329 and Stop loss of Rs323. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: On Thursday, after a Wednesday intraday correction, once again the market took the support near 57,280 and reversed sharply. After a muted opening the Nifty successfully clear the intraday resistance of 57,500 and comfortably trading above the same which is largely positive.
Among sectors, after a long time strong buying interest was seen in IT and FMCG stocks as result both indices rose over 1.5 per cent. While PSU banks and auto stocks registered technical sell off.
Technically, Thursday's intraday rally indicating further uptrend from current levels, but on intraday charts the market has formed Double Top kind of formation.
"We are of the view that 57,500 would be the key support level for the trend following traders, above the same uptrend structure likely to continue up to 58,200-58,350," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities. On the flip side, below 57,500 may trigger quick intraday correction till 57,350-57,200, he added.
