Market Hovering In Range-Bound Activity

Mumbai: On Wednesday, the benchmark indices continued range-bound activity, BSE Sensex was up by 224 points. Among sectors, the capital market index was the top gainer, rallied nearly 4 per cent whereas Media, Healthcare and Pharma indices shed over one per cent.

Shrikant Chouhan, head (equity research), Kotak Securities, said: “Technically, after a long correction from last two days market witnessing range-bound activity. On the higher side, 76,800 would be the key level to watch out, above the same market could bounce back till 77,100-77,200.”

On the other side, below 76,300 the selling pressure is likely to accelerate. Below the same, market could retest the level of 75,900. Further downside may also continue which could drag the index up to 75,700.

Vaibhav Vidwani, research analyst, Bonanza, said: “Indian stock markets closed on a positive note today, with the BSE Sensex rising by 224 points to settle at 76,724, while the Nifty-50 gained 37 points, closing at 23,213. A mix of sector performances, characterized the day’s trading with Pharma and auto stocks facing pressure, while realty and Infra sectors showed resilience. Anticipation of the Union Budget and forthcoming quarterly earnings of listed companies bolstered investor optimism.”

STOCK PICKS

Newgen Software| TRADE-BUY | CMP: Rs1,744 | SL: Rs1,690 | TARGET: Rs1,825

Newgen Software has broken above its all-time high resistance of Rs1,755 and is witnessing a minor pullback, offering an attractive risk-reward ratio. The stock is poised for strong rally momentum, targeting Rs1,800 and Rs1,825. A strict stop loss at Rs1,690 is recommended to manage risk effectively.

Paytm| TRADE-BUY | CMP: Rs857 | SL: Rs785 | TGT: Rs940

Paytm has bounced from its 200-day moving average, with a favorable risk-reward setup for buyers. The stock shows strong momentum and a positive technical outlook, suggesting a short-term target of Rs940. RSI indicates a potential reversal from lower levels, reinforcing a bullish trend.

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