Market Texture Is Volatile & Non-Directional
76,500 and 76,750 could be the key resistance, while 76,000 and 75,700 would be the key support zones; If it falls below 75,700, traders may prefer to exit long positions
Market Texture Is Volatile & Non-Directional
Mumbai: On Thursday, the benchmark indices witnessed a profit booking at higher levels, with BsE Sensex down by 32 points. Among sectors, the Healthcare and Pharma indices outperformed, rallying over one per cent. On the other hand, the IT and PSU Banks indices shed over one per cent. Technically, after an early morning intraday rally, the market registered profit booking at higher levels. From its day’s highest point, the market shed over 750 points. Shrikant Chouhan, head (equity research), Kotak Securities, said: “We are of the view that the current market texture is volatile and non-directional, making level-based trading an ideal strategy for day traders.”
In the near future, 76,500 and 76,750 could be the key resistance areas for the bulls, while 76,000 and 75,700 would be the key support zones. However, if the market falls below 75,700, the sentiment could change, and traders may prefer to exit long positions.
STOCK PICKS
Bajaj Finserv | TRADE-BUY | CMP: Rs1,849 | SL: Rs1,775 | TARGET: Rs1,950
Bajaj Finserv has shown strong buying interest, gaining approximately 14% in six weeks and outperforming Nifty and Bank Nifty. The stock has formed a bullish flag pattern on the daily chart, signalling further upside potential. A sustained move above current levels could push it toward the target price. Volume analysis supports the ongoing uptrend with increasing accumulation. A stop loss at Rs1,775 is placed to manage downside risks.
Bharti Airtel | TRADE-BUY | CMP: Rs1,714 | SL: Rs1,640 | TARGET: Rs1,840
Bharti Airtel has broken out of a 3.5-month consolidation, closing at a new high, which indicates bullish momentum. The stock has been forming higher lows, reflecting strong accumulation and buying interest. A breakout above Rs1,688 could trigger short-covering and further upside movement. Technical indicators such as RSI and MACD support the bullish outlook. A stop loss at Rs1,640 ensures protection against any downside reversal.
(Source: Riyank Arora, technical analyst at Mehta Equities)
