Mkt In Indecisive Mode
80,500-80,100 will act as key support areas, while 81,100-81,500 could serve as crucial resistance zones for the bulls. However, a breach below 80,100 would render the uptrend vulnerable
Mkt In Indecisive Mode
Mumbai: On Wednesday, the benchmark indices experienced a volatile session, with BSE Sensex up by 114 points. Among sectors, the Realty and PSU Banks indices outperformed, rallied over two per cent, while intraday profit booking was observed in the Auto and FMCG indices.
From a technical perspective, after a promising uptrend rally, the Sensex has formed a Doji candlestick formation, indicating indecisiveness between the bulls and bears.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “We believe that the short-term market trend is still positive, and a strategy of buying on dips and selling on rallies would be ideal for day traders.”
In terms of support and resistance levels, 80,500-80,100 will act as key support areas, while 81,100-81,500 could serve as crucial resistance zones for the bulls. However, a breach below 80,100 would render the uptrend vulnerable.
The Indian stock market continued its upward trajectory, with the BSE Sensex closing at 80,956, up 110 points (0.14%). This marks the fourth consecutive day of gains for both indices, driven by positive global cues. The market was buoyed by strong performances in the public sector banks and Realty sectors, which saw increases of over 2% each.
“Most of other sectors faced slight declines. Investors are now closely watching upcoming economic data and the Reserve Bank of India’s monetary policy meeting scheduled in December, which could influence market sentiment further, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.
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)
