Markets Remain Indecisive

Mumbai: On Tuesday, the benchmark indices registered a volatile trading session. After a roller-coaster of activity, BSE Sensex was up by 535 points. Among sectors, the Realty index was the top gainer, rallied over two per cent, whereas the Capital Market and Pharma indices lost the most, shedding over two per cent.

Technically, after a promising opening, the market bounced back sharply; however, it once again witnessed a profit booking at higher levels. On daily charts, it has formed a long-legged Doji candlestick formation, which suggests indecisiveness between the bulls and the bears.

Shrikant Chouhan, head (equity research), Kotak Securities, said: “We believe that 76,000 will act as a trend decider level for the bulls. Above 76,000, the market could retest levels of 76,300 to 76,500. Conversely, below 75,700, selling pressure is likely to accelerate, and the market could slip to levels of 75,400 to 75,200.”

STOCK PICKS

Kaynes Technology | TRADE-BUY | CMP: Rs4,700 |SL: Rs4,400 | TARGETs : Rs5,100-Rs5,200

Kaynes Technology is demonstrating strong bullish momentum, supported by robust buying interest near Rs4,700. The stock has displayed resilience, with critical support at Rs4,400. A breakout beyond Rs5,100 could lead to further upside towards Rs5,200, driven by favorable technical indicators and sustained volume. RSI (14) being at 24 is indicating oversold conditions for the stock.

Power Finance Corporation (PFC)|TRADE-BUY |CMP: Rs387.55|SL: Rs378| TARGETs: Rs410-Rs415

PFC has shown consistent strength, with the current price near Rs387.55 offering a good entry point. The stock is well-supported at Rs378, and a move above Rs410 could signal continued bullishness, targeting Rs415 in the near term. Positive RSI and increasing volumes reinforce the potential for an upward breakout. RSI (14) 30 is indicating slight oversold conditions for the stock.

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