Above 61,100 level, pullback rally may continue up to 61,700
On Tuesday, the benchmark indices witnessed positive momentum. After morning volatile trading session, finally the BSE Sensex took support near 60,800 and reversed sharply. Among sectors, strong buying interest was seen in Reality and Metal stocks while selective private banks witnessed technical sell off at higher levels.
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Stock Picks
- TATAMTRDVR: Above Rs268 with a target of Rs271 and Stop loss of Rs266. The stock is in upward trending channel and has given the breakout.
- ADANIENT: Above Rs1,542 with a target of Rs1,557 and Stop loss of Rs1,527. It has support of 8 and 40 EMA.
- ABFRL: Above Rs262 with a target of Rs265 and Stop loss of Rs259. The stock is in upward trending channel and is on the verge of a breakout.
- AFFLE: Above Rs1,076 with a target of Rs1,086 and Stop loss of Rs1,066. It has a support of 8 EMA.
- ASHOKLEY: Above Rs144 with a target of Rs146 and Stop loss of Rs142. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: On Tuesday, the benchmark indices witnessed positive momentum. After morning volatile trading session, finally the BSE Sensex took support near 60,800 and reversed sharply. Among sectors, strong buying interest was seen in Reality and Metal stocks while selective private banks witnessed technical sell off at higher levels.
Technically, the index has formed promising reversal formation near 20-day SMA which is broadly positive. In addition, on intraday charts, it has formed higher bottom formation that also support further uptrend.
"We are of the view that, as long as the Sensex is trading above 61,100 the pullback rally is likely to continue up to 61,700 further upside may also continue which could lift the index up to 62,000," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities
On the flip side, dismissal of 61,100 may increase further weakness up to 60,800-60,600, he added.
