Sensex will be more volatile
image for illustrative purpose
Mumbai Due to the rebalancing of the FTSE index, the market remained heavily volatile on the day of monthly expiry of the F&O contracts.
The Sensex once again gave buyers the opportunity to buy on dips. Sensex bounced from 50,475 to 50,960 in a row. Again, 51,500 is the previous highest levels and as of today's formation, Sensex can show levels of 51,500 or 51,750.
"As the market has created a long legged doji, the Sensex will be even more volatile. It means 50,900/50,500 would be an excellent support in the coming expiry," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities. If 51,500 is easily crossed then we can see the level of 53,000 (positional target) in the coming expiry. In that comparison, Bank-Nifty can show the level of 36,500., he added.
Stock Picks
l .POLYCAB - Above 1700 with a target of 1750 and Stop loss of 1670. It is trading in a Strong uptrend and is on the verge of a breakout.
2. CASTROLIND - Above 140 with a target of 145 and Stop loss of 136. It has a support of 8 and 40 EMA.
3. TITAN - Above 1620 with a target of 1650 and Stop loss of 1595. The stock is in upward trending channel and is on the verge of a breakout.
4. ECELRX - Above 1200 with a target of 1250 and Stop loss of 1150. It has a support of 8 and 40 EMA.
5. AVANTIFEED - Above 600 with a target of 620 and Stop loss of 580. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
