Mkt is indecisive between the bulls and the bears

Mumbai, Oct 01: Today, the benchmark indices witnessed a narrow range activity, the Sensex was down by 33 points.

Among Sectors, Media and Digital indices outperformed rallied over 1 per cent whereas Energy index registered intraday selling pressure at higher levels.

Technically, after a yesterday sharp selloff today market witnessed range bound activity. A small candle formation on daily charts indicates indecisiveness between the bulls and the bears.

“We are of the view that, 84,650 would be the trend decider level for the bulls. As the long as market is trading below the same, the weak sentiment is likely to continue,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.

On the down side, the market could retest the level of 84,000-83,700. On the flip side, above 84,650 the market could bounce back up to 84,900-85,000. The current market texture is non-directional hence level based trading would be the ideal strategy for the day traders.

Today, the Indian stock market exhibited a mixed performance, with both the Sensex and Nifty indices closing marginally lower after a volatile trading session. The BSE Sensex / Nifty ended at 84,335/25809 on sideways note. Despite early gains driven by IT stocks, selling pressure emerged from sectors like Oil&Gas, Energy and Realty, leading to a decline in overall market sentiment. In broader markets, the BSE Midcap and Small cap indices also fell, indicating widespread caution among investors amid mixed global cues and recent profit booking activities, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

Stock Picks

Deepak Nitrite

Buy | **CMP**: 2958.00 | **SL**: 2900.00 | **TARGET**: 3100.00 & 3200.00

Deepak Nitrite has recently witnessed a trendline breakout above the 2910.00 mark, indicating strong bullish momentum. The stock has been making higher lows, and the breakout suggests further upside potential. With strong support at 2900.00, a strict stop loss should be maintained to manage risk. The next resistance levels are 3100.00 and 3200.00, making it a good buy at current levels.

Paytm

Buy | *CMP**: 730.00 | **SL**: 700.00 | **TARGET**: 800.00 & 820.00

Paytm has shown a breakout above the 720.00 level, signaling a potential upward move. The stock has strong support at 700.00, and the breakout aligns with increasing volumes, indicating a positive trend. With targets set at 800.00 and 820.00, Paytm looks like a strong buy with a good risk-reward ratio.

(Source_Riyank Arora Technical Analyst at Mehta Equities)