Market maintains positive momentum
With market sentiment bolstered by increasing bets on a US soft landing and a potential September rate cut by the Federal Reserve technically with significant resistance and support
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Mumbai, June 18: With market sentiment bolstered by increasing bets on a US soft landing and a potential September rate cut by the Federal Reserve technically with significant resistance and support.
“Recommended trades include buying Key stock picks include ICICI BANK, HDFC AMC, NTPC, TATA POWER, and COAL INDIA, with a strong buy recommendation on COAL INDIA at CMP 489 for targets of 503/515 and aggressive targets at 525, driven by momentum,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
The benchmark indices registered a new all-time high of 77366.77 on Tuesday. Following a promising uptrend rally, the Sensex was up 308 points. Among sectors, realty and private bank indices outperformed, with both indices gaining over 1 per cent.
Technically, the market maintained positive momentum throughout the day after a gap-up opening. On the daily and intraday charts, it is maintaining higher high and higher low formation, which supports further uptrend from current levels. 77,000 would be the key support level for trend-following traders.
“As long as the market is trading above the same, the bullish sentiment is likely to continue on the higher side, the market could move towards 77,300-77,800 on the other hand, below 77,000 the sentiment may change,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
