Mumbai: In the last session of week, the benchmark indices registered a fresh all time high of 81,587.76 but witnessed selling pressure at higher levels. On weekly basis, Sensex closed at 80,604.

Among sectors, IT and FMCG indices outperformed, with both rallying over 2 per cent whereas media index shed over 5 per cent.

Technically, after a promising uptrend rally on last Friday it witnessed selling pressure at higher levels. Long bearish candle on daily charts and shooting star candle formation on weekly charts indicate temporary weakness in the near future.

However, the medium term texture of the market is still positive. “We are of the view that, the current market texture is non-directional and volatile, hence level based trading would be the ideal strategy for the traders,” said Amol Athawle of Kotak Secutities.

Levels 80,400 and 80,000 will act as a key support zone for the bulls while 81,600-82,000 could be the key resistance areas for the traders. However, below 80,000, the sentiment could change. Below the same, positional traders may prefer to exit from the trading long positions.

For Bank Nifty, 25 day SMA (Simple Moving Average) and 51,750 are immediate support zones while 52,800 and 53,200 would be the immediate resistance areas for the positional traders.

STOCK PICKS :

KECL

Buy | CMP: 241.95 | SL: 220.00 | TARGET: 290.00 and 300.00

The stock has witnessed a significant increase in trading volume, nearly twice its 30-day average, indicating strong buying interest. The breakout level of 237.20 is being retested, suggesting a possible continuation of the upward momentum. With an RSI (14) at 67.85, the stock is showing strong bullish momentum. A stop-loss can be set at 220.00, with potential upside targets of 290.00 and 300.00.

Granules

Buy | CMP: 503.00 | SL: 494.00 | TARGET: 530.00 and 550.00

The stock is testing its anchor VWAP support of 502.00, indicating a potential low-risk entry point. Despite the volume today being nearly 0.5 times its 30-day average, the RSI (14) at 54.05 suggests room for upward movement. With limited downside risk, a strict stop-loss can be set at 494.00, and potential upside targets are 530.00 and 550.00.

(Source: Riyank Arora, technical analyst at Mehta Equities)

CMP (Current Market Price); SL (Stop Loss)/All prices in Rs