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Market Remains Indecisive For Traders

For now, 79,700-79,500 would act as a key supports zones while 80,400-80,600 could act as key resistance areas

Market Remains Indecisive For Traders

Market Remains Indecisive For Traders
X

31 Oct 2024 12:38 PM IST

Mumbai: On Tuesday, the benchmark indices witnessed profit booking at higher levels, the Sensex was down by 427 points. Among Sectors, Media index was the top gainer, rallied over 2 per cent whereas Financial Services, Consumer and Healthcare indices shed over 1 per cent.

Technically, after a weak open market bounce back sharply but one more time took the resistance near 80,400 and corrected sharply. From the day highest-level market corrected nearly 600 points. On daily charts, the index has formed small candle which suggests indecisiveness between the bulls and the bears.

Shrikant Chouhan, Head Equity Research, Kotak Securities, said: “We are of the view that, currently market is witnessing range bound activity hence buying on dips and sell on rallies would be the ideal strategy.” For traders, 79,700-79,500 would act as a key supports zones while 80,400-80,600 could act as key resistance areas for the bulls. However, below 79,500 uptrend would be vulnerable.

STOCK PICKS

Trent | TRADE-BUY: Rs7252 | SL: Rs7150 | TARGETS: Rs7500 and Rs7600

Trent is showing signs of renewed bullish momentum as it consolidates near key support levels. The recent price action and steady RSI indicate continued buying interest. A breakout above 7250 could propel the stock toward its targets of 7500 and 7600. Implementing a stop loss at 7150 is advisable to manage risk effectively.

Tata Motors | TRADE-SHORT SELL: Rs840 | SL: Rs860 | Targets: Rs810 and Rs800

Tata Motors is exhibiting signs of weakness, with the stock trading near resistance levels. A bearish crossover in the MACD and declining RSI suggest further downside potential. This setup offers a short-sell opportunity, targeting 810 and 800, with a strict stop loss at 860 to maintain disciplined risk management.

(Source: Riyank Arora, technical analyst at Mehta Equities)

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