58,200 may act as intraday support level
The market witnessed exceptional intra-day fall, the BSE Sensex slumped nearly 1,400 points. On Monday, the Sensex opened below 50-day SMA and quickly broke 59,200 support level. Post breakdown it intensified the weak momentum throughout the day.
image for illustrative purpose
Stock Picks
- SCI: Above 141 with a target of 143 and Stop loss of 139. The stock is in upward trending channel and has given the breakout
- AARTIIND: Above 973 with a target of 982 and Stop loss of 964. It has support of 8 and 40 EMA
- ATGL: Above 1650 with a target of 1666 and Stop loss of 1634. The stock is in upward trending channel and is on the verge of a breakout
- DMART: A¬bove 5063 with a target of 5113 and Stop loss of 5013. It has a support of 8 EMA
- ABFRL: Above 284 with a target of 287 and Stop loss of 281. It has reversed from the support of 8
(Source-CapitalVia)
Mumbai: The market witnessed exceptional intra-day fall, the BSE Sensex slumped nearly 1,400 points. On Monday, the Sensex opened below 50-day SMA and quickly broke 59,200 support level. Post breakdown it intensified the weak momentum throughout the day. Among sectors, almost all major sectoral indices were traded in the red. PSU Banks followed by Media and Reality indices lost the most. Technically, on daily charts, the Sensex has formed long bearish candle which is broadly negative, but in last five days the market corrected over 3,000 points and due to temporary oversold situation strong possibility of quick pullback rally is not ruled out.
"Now, for the day traders, 58,200 would be the immediate intraday support level, above the same pullback rally will continue up to 58,750-58,900 on the flip side, dismissal of 58,200 could possibly open one more correction leg till 58,000-57,300," says Shrikant Chauhan, head of equity research (retail), Kotak Securities.
