Market likely to remain volatile in near future
The benchmark indices witness profit booking near to its all-time high levels, with the Sensex shedding over 260 points.
image for illustrative purpose
Mumbai: The benchmark indices witness profit booking near to its all-time high levels, with the Sensex shedding over 260 points. Today has been a volatile trading session with a momentum of near about 750 points. "We are of the view that the market is volatile and will remain volatile in the near future," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.
Technically, the index has formed Bar Reversal kind of formation which clearly indicates high chances of further correction from current levels. The texture of the market is weak, and weakness is likely to continue in the short run. For the next few trading sessions, 48,500 should be the sacrosanct level for the traders, trading below the same we can expect further price correction up to 48,600-48,000. On the flip side, trading above 48,500 may trigger one more uptrend rally till 48800-49000, he added.
Stock Picks
♥ Adani Green_Above 1112 with a target of 1130 and Stop loss of 1095. It is trading in an upward trending channel.
♥ Powergrid_Above 200 with a target of 210 and Stop loss of 190. It has a support of 21 and 40 DMA.
♥ Cholafin_Above 600 with a target of 615 and Stop loss of 587. It has given a major level breakout and is expected to further continue the rally.
♥ Crompton Greaves_Above 386 with a target of 395 and Stop loss of 379. It is trading in an upward trending channel.
♥ Godrej Properties_Above 1472.50 with a target of 1490 and Stop loss of 1460. It has formed a support of 21 DMA and has reversed from the same.
(Source-CapitalVia)
