Markets Enter Bullish Mode
For now, 81,500 and 81,200 would act as key support zones,on the upside, it could rally upto 82,200
Markets Enter Bullish Mode
Mumbai: On Thursday, the benchmark indices witnessed a volatile trading session. After rollercoaster activity, the Sensex gained 810 points. Among sectors, almost all major sectoral indices traded in the green, with the IT index outperformed and rallied over 2 per cent.Technically, after an early morning dip, the market took support near 80,500 and bounced back sharply. From the day’s lowest point, the market rallied over 1,800 points.
Shrikant Chouhan of Kotak Securities, said: “We are of the view that the current market trend is bullish. For traders, the levels of 81,500 and 81,200 would act as key support zones. As long as the market is trading above these levels, the bullish sentiment is likely to continue. On the upside, it could rally to 82,200.”
STOCK PICKS
Policy Bazaar | TRADE-BUY | CMP: Rs2004 | SL: Rs1900 | TARGET: Rs2100 andRs2150
Policy Bazaar has broken out above a key resistance level, supported by strong volumes and upward momentum. The stock is trading above its 50-day and 200-day moving averages, indicating a sustained bullish trend. The breakout is further validated by an upward breach of trendlines, suggesting potential upside toward Rs2100 and Rs2150. A stop loss at Rs1900 ensures risk management.
Bank of India | TRADE-BUY | CMP: Rs117 | SL: Rs113 | TARGET: Rs125 andRs130
Bank of India has witnessed a breakout above Rs115, coupled with a volume spike, confirming buying interest. The stock is trading near its immediate resistance and is supported by upward-trending moving averages. With a well-defined stop loss at Rs113, the stock shows a potential for further upside, targeting Rs125 and Rs130.
(Source: Riyank Arora, technical analyst at Mehta Equities)
