60,900-61000 range to act as support level
The benchmark indices witnessed selling pressure at higher level, as a result the NSE Nifty plunged over 500 points. After muted opening, the index broke 61,700 intraday support level and post breakdown maintain negative stance throughout the day.
image for illustrative purpose
Stock Picks
- RADICO: Above Rs1,121 with a target of Rs1,132 and Stop loss of Rs1,110. The stock is in upward trending channel and has given the breakout.
- CDSL: Above Rs1,375 with a target of Rs1,388 and Stop loss of Rs1,362. It has support of 8 and 40 EMA.
- PERSISTENT: Above Rs4,225 with a target of Rs4,267 and Stop loss of Rs4,183. The stock is in upward trending channel and is on the verge of a breakout.
- RAMCOCEM: Above Rs982 with a target of Rs991 and Stop loss of Rs973. It has a support of 8 EMA.
- ABFRAL: Above Rs253 with a target of Rs256 and Stop loss of Rs251. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The benchmark indices witnessed selling pressure at higher level, as a result the NSE Nifty plunged over 500 points. After muted opening, the index broke 61,700 intraday support level and post breakdown maintain negative stance throughout the day. Among sectors, profit booing continued in midcaps and small cap indices. Both indices shed over two percent. Technically, in last two days the Nifty corrected nearly 1150 points and currently it's trading near important retracement support level.
"We are of the view that, the BSE Sensex completed one leg of correction. Now, the 60,900 and 61000 would act as sacrosanct support levels for the traders, above the same strong possibility of quick pullback rally up to 61,500-61,700 is not ruled out," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities.
On the flip side, dismissal of 60,900 may increase further intraday weakness till 60,700, he added.
