Market is not taking name of stopping at any level
Fresh turmoil at Credit Suisse Group increased weakness in European bourses, US stock futures, and Indian bourses. Sensex closed below the psychological support of 58,000 after a period of 5 months.
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Mumbai: Fresh turmoil at Credit Suisse Group increased weakness in European bourses, US stock futures, and Indian bourses. Sensex closed below the psychological support of 58,000 after a period of 5 months.
It was a sustained sell-off that we have seen to date. On a closing basis, the Sensex declined 344 points respectively. “Barring the Nifty-Metal index, other major indices closed in the negative zone. It was the 5th day in a row and the market is not taking the name of stopping at any level” says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
The strategy should be to buy (select companies between 57,900 and 57,600 levels and place a stop loss at 57,300. On the upside, 58,100 and 58,475 would be major hurdles.
Stock Picks
m BPCL: The stock prices are moving in well channelled manner which is showing upward trend. From the current level of 330 prices could move upto 350 or higher in near term as long as 320 short term support remains intact. RSI is indicating head room space to breach it's overbought region.
m Titan: With the gap up opening in today's session prices are moving upside with high volumes. The important level of 2400 is maintained on closing basis which shows that the stock has ability to move towards 2550 levels giving buying opportunity from the current level. On downside 2350 remains important support levels.
(Source- Ravi Gangan, Technical Trader, Mehta Equities)
