Market moving in non-directional activity
On Thursday, the benchmark indices witnessed a narrow-range activity as BSE Sensex was up by 160 points
image for illustrative purpose
Mumbai: On Thursday, the benchmark indices witnessed a narrow-range activity as BSE Sensex was up by 160 points. Among sectors, buying interest was seen in banking stocks, but PSU Bank index outperformed, rallied over 3.5 per cent. Whereas witnessed intraday profit booking in pharma and healthcare stocks.
Technically, inside body candle on daily charts indicating non directional activity and indecisiveness between the bulls and bears.
"We are of the view that currently market is witnessing non-directional activity perhaps, traders are waiting for the either side breakout. For the bulls, 62,800 would be the important breakout level to watch out. And if it succeeds to trade above the same, we can expect quick uptrend rally towards 63,100-63,200," says Shrikant Chouhan, head (equity research) (retail), Kotak Securities.
On the flip side, trading below 62,300 may increase further weakness up to 62,100-62,000.
Stock Picks
Indusind Bank: Stock has completed a corrective wave at Rs1,170 today and then have shown some tremendous volume buying today to end above Rs1190 which is 10-day average. Stock has also shown bullish crossover at RSI so we can buy for target of Rs1,245 stop loss Rs1,170.
(Source-Kush Ghodasara)
