57,800 will be key support level
The NSE Nifty ends 43 points lower and the BSE Sensex too declined by 166 points. Media and Pharma indices witnessed buying interest whereas profit booking was seen in selective PSU Banks and Reality stocks. Technically, the market has completed one leg of correction and currently trading near important retracement support level.
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Stock Picks
- ORIENTELEC: Above Rs392 with a target of Rs395 and Stop loss of Rs389. The stock is in upward trending channel and has given the breakout
- BALRAMCHIN: Above Rs335 with a target of Rs338 and Stop loss of Rs332. It has support of 8 and 40 EMA
- NILKAMAL: Above Rs2,530 with a target of Rs2,555 and Stop loss of Rs2,505. The stock is in upward trending channel and is on the verge of a breakout
- GNFC: Above Rs423 with a target of Rs427 and Stop loss of Rs419. It has a support of 8 EMA
- DEEPAKNTR: Above Rs2,328 with a target of Rs2,351 and Stop loss of Rs2,328. It has reversed from the support of 8 EMA
(Source-CapitalVia)
Mumbai: The NSE Nifty ends 43 points lower and the BSE Sensex too declined by 166 points. Media and Pharma indices witnessed buying interest whereas profit booking was seen in selective PSU Banks and Reality stocks. Technically, the market has completed one leg of correction and currently trading near important retracement support level.
After a sharp correction on intraday charts, the Sensex has formed higher bottom formation which indicating high chances one pullback rally from current levels.
"For traders, Tuesday's day low or 57,800 would be the key support level, trading above the same the index will move up to 58,300-58,500," says Shrikant Chauhan, head of equity research (retail), Kotak Securities. On the flip side, dismissal of 57,800 could trigger further weakness up to 57,600-57,500, he added.
