Markets likely to see further uptrend
Indian benchmark equity indices ended at record highs level on Thursday led by gains in heavy weights like HDFC, Reliance, Bajaj finance stocks also positive global cues
image for illustrative purpose
Mumbai: Indian benchmark equity indices ended at record highs level on Thursday led by gains in heavy weights like HDFC, Reliance, Bajaj finance stocks also positive global cues.
However, broader indices underperformed against the benchmark indices. Among sectors, except pharma and banks other indices ended in the red. BSE Midcap and Small-cap indices ended with marginal losses.
Sensex made new high intra-day, and closed at 52-week high near 46890 levels. ICRA forecast India's FY21 GDP at -7.8 per cent expect recession to end in Q4 FY21. The Q3 FY21 GDP seen at -1 per cent and Q4 at +1.3 per cent to boost the sentiments in the opening. "Sensex is set to witness further uptrend if sustains above 46,970 levels for target of 47,070 -47,100 levels and next 47,200-240 levels and next 46,350-400 levels," says Nilesh Karani, VP, Magnum.
On the flipside, Sensex would see immediate support near 46,650 levels, sustaining below can witness selling with support near 46470-520 levels and next near 46150-46200-mark, breaking 46k psychological mark could see further downtrend.
Stock Picks
♦ Dr Reddy above 5150 with a target of 5230 and stop loss of 5100. Recent crossover between 8 & 40 EMA and price bounced from support of 40 EMA.
♦ ABFRL above 167.40 with a target of 356 and stop loss of 330. It is trading in an upward trending channel.
♦ Muthoot Finance above 1235 with a target of 1265 and stop loss of 1213. It has formed a support of 21 and 55 DMA.
♦ Coromandel above 813 with a target of 830 and stop loss of 797. It has taken a support of 40 EMA and reversed from the same.
♦ Lupin above 985 with a target of 1000 and stop loss of 970. It has formed a support of 8 and 40 EMA.(Source-CapitalVia)
