Long-term bond yield trend to be on watch list
Top 5 gainers for the day RCF (12.11%), MMTC (9.86%), TATACOFFEE (9.49%), HINDCOPPER (6.39%), ENGINERSIND (6.23%)
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Mumbai: Going back for the second week in a row, the market closed in negative territory.
On a daily chart, the Sensex hit a low and closed below the lowest level of the previous week. A sharp jump in the 10-years bond yields (US) has turned the sentiment negative. It touched a high of 1.55 during the week, despite a positive comment from the Fed Chief.
"For the next few weeks, the market trend would depend on the long-term bond yield trend, which should be on the watch list," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities. Technically, the Sensex fell by 1,939 points. The market has established a series of 'lower top and lower bottom' that would be negative for the medium-term trend of the market. The Sensex would find support at 48,000 for the coming week. If the market falls to 48,200 without meaningful bounce, then it would be a buying opportunity for short term/medium term traders/investors.
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- RADICO - Above 581 with a target of 597 and stop loss of 570. It has reversed from the support of upward trending line.
- KEC - Above 438 with a target of 447 and stop loss of 430. It is an upward trending channel and on the verge of a breakout.
- ASTRAL - Above 2150 with a target of 2180 and stop loss of 2120. It is an upward trending channel and on the verge of a breakout.
- ENDURANCE - Above 1450 with a target of 1400 and stop loss of 1510. It has a support of 8 and 40 DMA.
- GODREJPROP - Above 1565 with a target of 1595 and stop loss of 1525. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
