Focus on level-based trading
On Thursday, the benchmark indices registered narrow range activity near 61,300 resistance level. The BSE Sensex was up by 85 points. On the sectoral front, strong buying was seen in metal and pharma stocks, as a result Nifty Metal index rallied over 3.25 per cent. Whereas the profit booking was seen in selective IT and reality stocks.
image for illustrative purpose
Stock Picks
- IDFC: Above Rs64 looking strong, continous higher top higher bottom formation on daily & weekly charts, target of Rs72 and SL of Rs61.
- Deepak Fertilizer : Above Rs500 looking impressive, strong moves from last few session has been seen, jump in volumes also seen, target of Rs540 & SL of Rs480
- Adani Ports : Above Rs770 is giving flag pattern breakout on intraday charts and horizontal line breakout on daily charts, target levels at Rs800 and SL at Rs760
- Sequent Sci : Above its Rs100-D EMA is giving breakout -'d aiming for Rs200 DEMA, which is placed at Rs204, target levels Rs210- 225 & SL at Rs180.
- Sun Pharma : Above Rs865 , Super Bullish, formed Big white candle on daily charts and a Big Rounding Bottom can be seen matching August 2016 levels, Target levels Rs900 and SL of Rs835.
(Source-CapitalVia)
Mumbai: On Thursday, the benchmark indices registered narrow range activity near 61,300 resistance level. The BSE Sensex was up by 85 points. On the sectoral front, strong buying was seen in metal and pharma stocks, as a result Nifty Metal index rallied over 3.25 per cent. Whereas the profit booking was seen in selective IT and reality stocks.
Technically, after a steller rally the Nifty has formed Doji candle stick formation which indicating indecisiveness between bulls and bears. However, the medium-term texture is still in to the bullish side.
Direction wise, below 61,000 we could expect profit booking and post breakdown the chances of hitting 60,800-60,700 are bright.
On the other hand as long as the index is trading above 61,000 the uptrend is intact and will continue till 61400-61,550.
"The intraday texture indicating the market likely to volatile in the near future. Hence, level-based trading would be the ideal strategy for the day traders," says Shrikant Chouhan, head (equity research-retail), Kotak Securities.
