Big support for mkt at 50.8K & 50.5K
image for illustrative purpose
Mumbai Today was a unique day for the market. At the beginning of the day, the market went down but it recovered by immediately and continued to consolidate near 51,000.
The consolidation range was only 100 points and very boring for day traders. The good news is that the Sensex closed above 51,000.
The biggest hurdle for the Sensex above 51,000 is 51,500 and we may see that tomorrow. The breadth of the market today was strong and on the positive part of the day was technology were in a bullish mood. Select Financials was also supporting the Sensex. If the Sensex opens towards 51,500, we feel it is mandatory to take a profit on long positions. "The big support for the market is near 50,800 and 50,500 levels," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
Stock Picks
- SHKELKAR - Above 163.50 with a target of 168 and Stop loss of 159. It is trading in a Strong uptrend and we have witnessed a breakout in the stock
- TVSMOTOR - Above 657 with a target of 670 and Stop loss of 645. It has a support of 8 and 40 EMA
- TITAN - Above 1600 with a target of 1625 and Stop loss of 1575. The stock is in upward trending channel and is on the verge of a breakout
- JUBLFOOD - Above 3160 with a target of 3210 and Stop loss of 3110. It has a support of 8 and 40 EMA
- KPRMILL - Above 1565 with a target of 1610 and Stop loss of 1520. It has reversed from the support of 8 EMA
(Source-CapitalVia)
