Market Texture Still Non-Directional

Mumbai: In the last session of the week, the benchmark indices witnessed a volatile activity after a roller coaster activity as BSE Sensex was down by 307 points. Among sectors, Auto and Pharma indices outperformed, both the indices rallied over 1.5 per cent whereas FMCG index was the top looser, shed over two per cent.

During the week, after sharp selloff eventually market took the support near 80,700 and bounced back sharply. Post-promising pullback rally market witnessed some profit booking at higher levels. Technically, the current market texture is non-directional and volatile. Hence, level-based trading would be the ideal strategy for the short-term traders.

Amol Athawale, V-P (technical research), Kotak Securities, said: “We are of the view that in the near future 50-day SMA (Simple Moving Average) or 81,900 would act as a sacrosanct level. If the market succeeds to trade above the same, then it could move up till 82,500-83,000. On the flip side, as long as it is trading below the same, the weak sentiment is likely to continue. Below which, it could retest the level of 80,700. Further downside may also continue which could drag the index till 80,200.”

Prashanth Tapse, senior V-P (research), Mehta Equities, said: “Investors traded with caution on the last trading day of the week as any escalation in the Iran-Israel conflict over the weekend could fuel uncertainty going into the next week. Optimism could return once the earnings season picks up momentum and results are in line with expectations, else the mood could remain cautious with a negative bias in the near to medium term.”

STOCK PICKS

Mankind Pharma | TRADE-BUY: Rs2,792 | SL: Rs2,725 | TARGET: Rs3,000 and above

Mankind Pharma is showing strong upward momentum, with a daily RSI of 67 indicating bullish strength. The stock is experiencing positive price action supported by rising volumes, suggesting further potential for upside. The current levels present a good entry point for near-term gains. A break above Rs3,000 could open the door to higher targets.

Exide Industries | TRADE-BUY: Rs530 | SL: Rs500 | Target: Rs575 and above

Exide Industries is demonstrating solid momentum, with a daily RSI of 62.51 indicating a strengthening trend. The stock’s volume is steadily increasing, further supporting a bullish outlook. Price action suggests a potential move towards Rs 575, making it attractive for short- to medium-term gains. Current levels provide a good buying opportunity for traders.

(Source: Riyank Arora,

technical analyst at Mehta Equities)

CMP (Current Market Price);

SL (Stop Loss)/All prices in Rs