Charts Signal Bullish Bias
74,500 would be immediate resistance zone, above which it could move till 74,700-74,800; On the flip side, below 73,800, traders may prefer to exit their long positions
Charts Signal Bullish Bias

Mumbai: On Monday, the benchmark indices witnessed positive momentum. BSE Sensex was up by 341 points. Among sectors, the Healthcare and Pharma indices rallied over 1.5 per cent, whereas the Media index was the top loser, shed nearly one per cent.
Technically, the market found support once again near 73,800 and bounced back sharply. On daily charts, it has formed a bullish candle, and on intraday charts, it is holding a higher bottom formation, which is largely positive.
On the higher side, 74,500 would be the immediate resistance zone for the bulls. Shrikant Chouhan, head (equity research), Kotak Securities, said: “We are of the view that as long as the market is trading above 73,800, the bullish sentiment is likely to continue. On the higher side, 74,500 would be the immediate resistance zone for the bulls.”
Following a breakout above 74,500, the market could move toward 74,700-74,800. On the flip side, if the market falls below 73,800, the sentiment could change. Below this level, traders may prefer to exit their long positions.
STOCK PICKS
Tata Steel | TRADE-BUY | CMP: Rs151 | SL: Rs146 | TARGET: Rs160
Tata Steel is trading near a breakout zone, indicating potential for further upside. The stock has shown strong demand at lower levels, confirming accumulation. A move above Rs153 could trigger momentum buying, pushing it towards Rs160 level. With the metal sector remaining strong, Tata Steel is well-positioned for gains. A strict stop loss at Rs146 should be maintained to manage risk.
Axis Bank | TRADE-BUY | CMP: Rs1,034 | SL: Rs1,010 | TARGET: Rs1,070
Axis Bank has rebounded from key support levels, suggesting renewed buying interest. The stock is holding strong despite market fluctuations, showing resilience. A breakout above Rs1,040 could accelerate bullish momentum, taking it towards Rs1,070 level. With positive sentiment in the banking sector, Axis Bank remains a strong candidate for upside. A strict stop loss at Rs1,010 should be followed for risk management.
(Source: Riyank Arora, technical analyst at Mehta Equities)