Mkt May Fall Further
For now, the 78,000 is the key level, below which it can slip to 77,300-77,200; Above 78,000 level, expect a bounce to 78,300-78,500 levels
Mkt May Fall Further
Mumbai: The benchmark indices continued profit booking at higher levels, with NSE Nifty ends 162 points lower and BSE Sensex down by 528 points. Among sectors, the Realty, Oil and Gas, indices shed over two per cent, while selective FMCG stocks registered buying interest at lower levels. Technically, after a muted market open, there was consistent selling pressure at higher levels, resulting in a bearish candle on the daily charts and a lower top formation on the intraday charts, indicating further weakness from the current levels.
Shrikant Chouhan, head (equity research), Kotak Securities: “We believe that the current market texture is weak, but oversold, thus a strong possibility of a pullback rally from the current levels cannot be ruled out. For traders now, the 78,000 will be the key level to watch; below this level, the market could continue its weak formation till 77,300-77,200.” Conversely, if it rises above 78,000 level, it could bounce back to 78,300-78,500. Short-term traders should remain cautious and be very selective, as there is a risk of getting trapped at lower levels.
STOCK PICKS
Reliance Industries (RIL)| TRADE-BUY | CMP : Rs1,254 | SL : Rs1,230 | TARGET : Rs1,300
Reliance Industries is trading near a critical support zone of Rs1,240–Rs1,245, offering an at-tractive entry point. The stock has shown consistent buying interest, supported by rising vol-umes and a positive RSI trend. A breakout above Rs1,260 could trigger a swift rally towards Rs1,280–Rs1,300 levels. Maintain a stop loss at Rs1,230 to manage downside risks.
Infosys (INFY)| TRADE-BUY | CMP : Rs1,917 | SL : Rs1,890 | TARGET : Rs2,000
Infosys is consolidating near its support range of Rs1,900–Rs1,910, with a bullish setup form-ing on daily charts. The stock’s RSI is climbing, reflecting growing momentum, and recent vol-ume spikes indicate potential institutional interest. A move above Rs1,925 could propel the stock to Rs1,990–Rs2,000. A stop loss at Rs1,890 is recommended for risk management.
(Source: Mehta Securities)
