Further uptrend rally possible
Fresh uptick is likely only after dismissal of 80,725, above which market could move up till 81,000-81,200; On the flip side below 80,330, it could retest the level of 80,000-79,800
image for illustrative purpose
Mumbai: On Monday, the benchmark indices witnessed lackluster activity. Sensex was down by 12 points. Among Sectors, Metal and Oil and Gas indices outperformed, both the indices rallied over 1.5 percent whereas intraday profit booking were seen in selective Auto stocks.Technically, after a gap up opening market witnessed narrow range activity.
Shrikant Chouhan, head (equity research, Kotak Securities, said: “We are of the view that, the larger market texture is still into the positive side but fresh uptrend rally possible only after dismissal of 80725.”
Above which market could move up till 81,000-81,200. On the flip side below 80,330 the intraday selling pressure is likely to accelerate. Below the same, it could retest the level of 80,000-79,800.
Prashanth Tapse, senior V-P (research), Mehta Equities, said: “Markets moved in a narrow range due to thin participation from traders on account of Raksha Bandhan, while selective buying in metals, oil & gas, and IT shares helped indices end mixed. Investors will be keenly watching the Jackson Hole Economic Symposium on Friday, as there are hopes that the Fed could set the stage for the first rate cut after last week’s data on inflation which eased to 3%.”
STOCK PICKS
INDIAMART | Buy: Rs2,857 | SL: Rs2,830 | Target: Rs2,925 and Rs2,950
INDIAMART is witnessing a steady uptrend, with the price positioned above its recent support level near Rs2,830. Increasing buyer interest suggests potential for further gains. A buy at Rs2,857 is recommended, with a stop loss at Rs2,830 to manage downside risk, aiming for targets of Rs2,925 and Rs2,950.
Shriram Finance | Buy: Rs3,073 | SL: Rs3,050 | Target: Rs3,150 and Rs3,200
Shriram Finance has shown strength, with prices sustaining above key support at Rs3,050. With positive sentiment in the finance sector, the stock is likely to continue its upward momentum. A buy is advised at Rs3,073, with a stop loss at Rs3,050, targeting Rs3,150 and Rs3,200.
(Source: Riyank Arora, technical analyst at Mehta Equities)
CMP (Current Market Price); SL (Stop Loss)/All prices in Rs
