57,000 level may act as sacrosanct support level
The benchmark indices continued positive momentum third day in a row, the BSE Sensex was up by 385 points. Among sectors, strong buying was seen in reality stocks, while witnessed technical selloff in media and selective metal stocks.
image for illustrative purpose
Stock Picks
- ANURAS: Above Rs885 with a target of Rs893 and Stop loss of Rs877. The stock is in upward trending channel and has given the breakout
- BALRAMCHIN: Above Rs334 with a target of Rs337 and Stop loss of Rs331. It has support of 8 and 40 EMA.
- ADANIGREEN: Above Rs1,430 with a target of Rs1,444 and Stop loss of Rs1,416. The stock is in upward trending channel and is on the verge of a breakout.
- CGPOWER: Above Rs178 with a target of Rs180 and Stop loss of Rs176. It has a support of 8 EMA.
- KEI: Above Rs1,127 with a target of Rs1,138 and Stop loss of Rs1,116. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The benchmark indices continued positive momentum third day in a row, the BSE Sensex was up by 385 points. Among sectors, strong buying was seen in reality stocks, while witnessed technical selloff in media and selective metal stocks. On Thursday, one more time, the market opened with a gap-up, but after a strong opening entire day it was consolidating within the range of 57,150-57,490.
Technically, after a promising pullback rally currently the market is trading near important retracement level and the intraday texture of the charts suggest strong possibility of one quick correction is not ruled out, if the index succeed to trade below 57,000.
"We are of the view that, the short-term outlook of the market is bullish and any intraday correction will be healthy for the market. For the traders, now 57,000 would be the sacrosanct support level," says Shrikant Chauhan, head of equity research (retail), Kotak Securities.
Above the same, uptrend continuation formation will continue up to 57,600-57,900. On the other hand, below the psychological 57,000 support level, the Sensex likely to correct till 56,700-56,500, he added.
