60,400 may act as immediate resistance level
The BSE Sensex ended 314 points lower, the market witnessed selling pressure at higher levels. On Tuesday, post muted opening, the NSE Nifty made couple of attempts to clear the intraday hurdle of 60,400 points, but due to consistent profit booking at higher level, it failed. On Sectoral front, profit booking was seen on reality, pharma and private banks while buying interest continued in selective auto stocks.
image for illustrative purpose
Stock Picks
- BSE: Above Rs1,556 with a target of Rs1,571 and Stop loss of Rs1,541. The stock is in upward trending channel and has given the breakout.
- CYIENT: Above Rs1,127 with a target of Rs1,138 and Stop loss of Rs1,116. It has support of 8 and 40 EMA.
- DELTACORP: Above Rs298 with a target of Rs301 and Stop loss of Rs295. The stock is in upward trending channel and is on the verge of a breakout.
- DABUR: Above Rs610 with a target of Rs616 and Stop loss of Rs604. It has a support of 8 EMA.
- ALKYLAMINE: Above Rs3,430 with a target of Rs3,464 and Stop loss of Rs3,396. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The BSE Sensex ended 314 points lower, the market witnessed selling pressure at higher levels. On Tuesday, post muted opening, the NSE Nifty made couple of attempts to clear the intraday hurdle of 60,400 points, but due to consistent profit booking at higher level, it failed. On Sectoral front, profit booking was seen on reality, pharma and private banks while buying interest continued in selective auto stocks.
Technically, on intraday charts, the BSE Sensex is still holding lower top formation which indicating continuation of weak wave in the near future. We are the view that, the intraday texture is weak, but for the bulls 50-day SMA and 59,700 would act as a key support level.
"For the day traders, now 60,400 could be the immediate resistance level. Below the same the correction wave is likely to continue up to 59,850-59,700. Contra traders can take a bet near 59,700 with strict 59,500 support stop loss," says Shrikant Chauhan, head of equity research (retail), Kotak Securities.
