Book profit between 51,500 and 51,750
Today, the market did well mainly due to exceptional strength in the global markets and weakness in the dollar index.
image for illustrative purpose
Stock Picks
- BALKRISIND - Above 1850 with a target of 1890 and Stop loss of 1810. It has reversed from the support of upward trending line.
- AMBUJACEM - Above 280 with a target of 290 and Stop loss of 270. It is an upward trending channel and on the verge of a breakout.
- AUBANK - Above 1000 with a target of 1020 and Stop loss of 980. It is an upward trending channel and on the verge of a breakout.
- ACC - Above 1784 with a target of 1810 and Stop loss of 1760. It has a support of 8 and 40 DMA.
- GRASIM - Above 1220 with a target of 1250 and Stop loss of 1200. It has reversed from the support of 8 and 40 EMA.
(Source-CapitalVia)
Mumbai: Today, the market did well mainly due to exceptional strength in the global markets and weakness in the dollar index. Commodities have again started recovering from lows and that has boosted the sentiment of the market. The Sensex closed at 51,348 levels.
The market has established one more bullish candlestick formation on a daily chart. However, it has left unfilled an exhaustion gap that would invite short term weakness if the market breaks below the level of 51,140. On the higher side, hurdles would be at 51,500 and at 51,750 levels.
"The strategy should be to take profit on long positions between 51,500 and 51,750 for the Sensex. Expect a short weakness below the level of 51,140 levels. Supports would be at 51,140 and at 50,500 level," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.
