Hold long poses until 49K breaks
The market retreated from the day's highs and continued to consolidate throughout the day.
image for illustrative purpose
Mumbai, Mar 31 The market retreated from the day's highs and continued to consolidate throughout the day.
"The markets have rallied by close to 80 per cent, at SENSEX, in FY21, the best financial performance in a decade," says Joseph Thomas, Head of Research, Emkay Wealth Management.
The key thing to note is the sharp drawdown witnessed towards the close of the preceding financial year. FY20 saw negative returns to the tune of 30 per cent, he added.
The bias was negative and most of the index heavy weights shares closed lower. The market width was 1:1 and therefore the market trend could not be determined.
The trading range for tomorrow's market could be 49,300 and 49,000. The market could see 48,700 levels below 49,000 levels.
"Beyond 49,700, the market could pick up speed again. In short, hold long poses until 49,000 breaks. Today, the Bank Nifty did not rise as expected. However, there also we feel 33,000 would act as major support," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.
| 5 Top gainers: |
| BAJAJ FINSERV (+1.82%) |
| ITC (+1.82%) |
| HUL (+1.36%) |
| SBI (+0.90%) |
| TCS (+0.56%) |
| Stock Picks |
| 1. ADANITRANS_Above 920 with a target of 945 and Stop loss of 898. It is trading in a sideways channel and has recently breached an important resistance level. |
| 2. ITC_Above 219.50 with a target of 228 and Stop loss of 212. It has a support of 8 and 40 DMA. |
| 3. ACC _Above 1925 with a target of 1960 and Stop loss of 1895. It is an upward trending channel and on the verge of a breakout. |
| 4. GSPL_Above 278 with a target of 295 and Stop loss of 259. It has a support of 8 and 40 EMA. |
| 5. BAJAJAUTO_Above 3685 with a target of 3725 and Stop loss of 3645. It has reversed from the support of 8 EMA. |
| (Source-CapitalVia) |
