Market Remains Indecisive
Above 80,200, market could bounce back till 80,500-80,800. Below 79,850, it could slip till 79,500-79,300
Market Remains Indecisive
Mumbai: On Thursday, the benchmark indices witnessed a lacklustre activity, BSE Sensex was down by 17 points. Among sectors, FMCG index was the top looser, shed 2.80 per cent whereas PSU Bank index rallied 1.2 per cent.
Technically, after a muted open entire day market hovered between 79,850 and 80,200. A small candle on daily charts and non-directional activity on intraday charts shows indecisiveness between the bulls and the bears.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “For the day traders now, the 80,200 would be the crucial resistance zone. Above the same, the market could bounce back till 80,500-80,800.” On the flip side, below 79,850 the selling pressure is likely to accelerate. Below the same, market could slip till 79,500-79,300.
STOCK PICKS
Precision Camshafts Ltd (PRECAM) | TRADE: BUY | CMP: Rs 280 | SL: Rs 270 | Target: Rs 300
Precision Camshafts is currently trading near a crucial support level of Rs 280, offering an attractive entry for potential upside. With momentum indicators pointing to a positive trend, the stock is well-positioned for a rally towards Rs300. A strong risk-reward ratio supports a buying strategy, as downside is limited with a stop loss at Rs270. Volume action suggests increased buying interest, further affirming bullish sentiment. A breach of Rs300 could unlock additional gains.
IFB Industries Ltd | TRADE: BUY | CMP: Rs2182 | SL: Rs2100 | Target: Rs2400
FB Industries is showing strength at the current market price of Rs2,182, with strong support at Rs2,100, making it a compelling buy. The stock has potential for an upward move toward Rs2,400, backed by favorable technical indicators and buying momentum. Recent price action shows consolidation around the current level, setting the stage for a breakout. The risk is well-contained with a stop loss at Rs2,100, ensuring a balanced risk-reward profile. Buyers can capitalize on this opportunity as the outlook remains positive.
(Source: Riyank Arora, technical analyst at Mehta Equities)
