Mkt Hovering In Indecisive Mode
For now, 79,400 and 79,000 will act as key support zones, while 79,800-80,000 could serve as key; However, if it falls below 79,000, traders may prefer to exit their long positions
Mkt Hovering In Indecisive Mode
Mumbai: On Tuesday, the benchmark index BSE Sensex was up by 187 points. Among sectors, the Realty index rallied over two per cent, while selective IT stocks saw intraday profit-taking. Technically, after an early morning intraday rally, the market witnessed some selling pressure at higher levels. On daily charts, it has formed a small bearish candle, indicating indecisiveness between the bulls and the bears.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “We believe that the current market texture is bullish, but in overbought zone. Hence, a range-bound activity is likely to continue in the near future. “Technically, after an early morning intraday rally, the market witnessed some selling pressure at higher levels. On daily charts, it has formed a small bearish candle, indicating indecisiveness between the bulls and the bears.
For day traders, 79,400 and 79,000 will act as key support zones, while 79,800-80,000 could serve as key resistance areas for the bulls. However, if the index falls below 79,000, sentiment could change. Traders may prefer to exit their long positions below this level.
STOCK PICKS
NCC Ltd | TRADE-BUY | CMP: Rs218 | SL: Rs210 | TARGETs: Rs228–Rs235
NCC is trading with a positive bias and has recently bounced from its support zone around Rs210. The price is forming higher highs and higher lows on the daily chart, indicating a sustained uptrend. A move above Rs220 could accelerate buying interest, paving the way toward Rs228 and Rs235 in the near term. Traders can consider fresh positions with a stop loss at Rs210.
Power Grid Corp | TRADE-BUY | CMP: Rs212 | SL: Rs206 | TARGETs: Rs220–Rs225
Power Grid is consolidating just above its short-term support at Rs206 and is showing signs of a potential breakout. The stock is holding above key moving averages, suggesting accumulation. A decisive close above Rs213 could trigger upside momentum, targeting Rs220 and Rs225 levels. The structure remains bullish as long as Rs206 is protected. This setup favors a buy-on-dips approach with a tight stop loss.
(Source: Riyank Arora, technical analyst at Mehta Equities)
