Market hovering in indecisive mode

Mumbai: On Tuesday, the benchmark indices witnessed lacklustre activity as NSE Nifty ends seven points higher, while BSE Sensex was up by 14 points. Among sectors, buying were seen in selective Media and Reality stocks whereas intraday profit booking were seen in FMCG stocks. Technically, after a muted opening entire day the market hovered between 81,600 to 81,900 range. An intraday narrow-range activity indicates indecisiveness between the bulls and the bears.

Shrikant Chouhan, head (equity research), Kotak Securities, said: “We are of the view that, the larger market texture is bullish, but fresh uptrend rally possible only after dismissal of 82,000 above the same, the market could move up to 82,300-82,400.” On the flip side, below 81,500 the selling pressure is likely to accelerate. Below the same, the market could retest the level of 81,300-81,100.

STOCK PICKS

Syngene | Buy: Rs826 | SL: Rs810 | Target: Rs880 - Rs900

Syngene is showing strong momentum, backed by a recent increase in trading volumes. The stock is expected to continue its upward trend towards the targets of Rs880 to Rs900. To manage risk, a strict stop loss at Rs810 is recommended, ensuring a cautious approach while capitalizing on the ongoing momentum.

Jindal Steel | Buy: Rs968 | SL: Rs940 | Target: Rs1,010- Rs1,026

Jindal Steel has exhibited solid upward movement, with momentum reinforced by rising volumes. The stock is well-positioned to rally towards the targets of Rs1,010 and Rs1,026. A strict stop loss at Rs940 is advised to safeguard against downside risk, while allowing for potential gains.

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

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