Correction possible, if Sensex trades below 58,550 level
On Monday, the benchmark indices witnessed lackluster activity with a momentum of 350 points. After a muted opening the index registered technical sell off, but once again it took support near 57,950 and reverse quickly.
image for illustrative purpose
Stock Picks
- BRITANNIA: Above Rs4,095 with a target of Rs4,135 and Stop loss of Rs4,055.The stock is in upward trending channel and is on the verge of a breakout.
- LUXIND: Above Rs4,176 with a target of Rs4,218 and Stop loss of Rs4,135. It has support of 8 and 40 EMA.
- JUBLFOOD: Above Rs4,137 with a target of Rs4,179 and Stop loss of Rs4,096. The stock is in upward trending channel and has given a breakout.
- UFLEX: Above Rs508 with a target of Rs513 and Stop loss of Rs506. It has a support of 8 EMA.
- AARTIIND: Above Rs931 with a target of Rs940 and Stop loss of Rs922. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: On Monday, the benchmark indices witnessed lackluster activity with a momentum of 350 points. After a muted opening the index registered technical sell off, but once again it took support near 57,950 and reverse quickly. Among sectors, some buying interest was seen in media and metal stocks whereas, banking and energy stocks was under selling pressure. Technically, from last four days market is hovering between 57,920-58,550 price ranges. At the same time, the market consistently taking support at 57,950 points.
"We are of the view that, as long as it's trading above 57,950, the bullish formation is likely to continue up to 58,550-58,750. However, trading below the same could possibly open one more correction leg up to 57,750-57,500," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
