60,150 key level to watch out
The benchmark indices extend losses, the BSE Sensex was down by 641 points. The selling pressure continued in IT stocks, while despite weak market conditions, strong buying was seen in PSU Baking stocks, as a result the NSE Nifty PSU Bank index rallied over two per cent.
image for illustrative purpose
Stock Picks
- DELTA CORP: Above Rs294, the stock is looking very strong. After recent declines stock has shown great strength even in the weak market, Stock has been trading all of its important EMA & on intraday charts showing bullish signals targeting Rs320 level keeping SL – Rs284
- INDUS TOWER: Above Rs272 looking very bullish, it is crossing its 89 Weighted Moving Average & On intraday charts, flag & pole breakout is visible, Tgt – Rs290 & SL – Rs265
- CCL PRODUCTS: Above Rs440 giving flag pattern breakout on daily charts, intraday charts is ready with Triangle pattern breakout, TGT – Rs460 & SL – Rs422
- PFS: Above Rs25 level showing super bullish move in weak market. On weekly charts, it has given multiyear breakout. it has already shown the great momentum. TGT – Rs28 & SL – Rs23
- HSCL: Above Rs60 giving huge consolidation breakout, it was consolidating on wide levels between Rs40 & 60 , now as the company is getting focus of EV play in market, TGT – Rs69 & SL – Rs57
(Source_Equity 99)
Mumbai: The benchmark indices extend losses, the BSE Sensex was down by 641 points. The selling pressure continued in IT stocks, while despite weak market conditions, strong buying was seen in PSU Baking stocks, as a result the NSE Nifty PSU Bank index rallied over two per cent.
Technically, On Wednesday the Sensex broke the important level of 60,300 and closed below the same which is largely negative for the market.
However, in last two days the Sensex corrected over 1500 points and due to oversold intraday formation, strong possibility of quick pullback rally is not ruled out.
Trading set up suggest that, before promising reversal formation, the index is likely to consolidate within the range of 59,700-60,400.
"For the bulls, 60,150 would be the key level to watch out, above the same the index could rally till 60,300-60,400," says Shrikant Chauhan, head of equity research (retail), Kotak Securities.
On the flip side, dismissal of 60,000 would trigger one more leg of correction up to 59,800-59,700, he added.
