Invest in strong cos with a mid-term outlook
Today, on the big support of the 50-day SMA, the market has established a long-led dodge, indicating that the market has taken a break after falling below the high of 50,185. Based on this, the market may either continue the rally going southward or it may turn back.
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Stock Picks
- ADANIGAS - Above 389 with a target of 398 and Stop loss of 380. It has reversed from the support of 8 AND 40 DMA.
-CONCOR - Above 445 with a target of 460 and Stop loss of 435. It has reversed from the support of 40 EMA.
- JYOTHYLABS - Above 159.50 with a target of 165 and Stop loss of 154. It is trading in an upward trending channel.
- GUJGASLTD - Above 378 with a target of 390 and Stop loss of 370. It has a support of 8 and 40 DMA.
- JSWENERGY - Above 75.50 with a target of 80 and Stop loss of 71. It is trading in an upward trending channel.
(Source-CapitalVia)
Mumbai: Today, on the big support of the 50-day SMA, the market has established a long-led dodge, indicating that the market has taken a break after falling below the high of 50,185. Based on this, the market may either continue the rally going southward or it may turn back.
In short, the market would return to trending mode in the next day or two. On the upside, 47,000 would be a big hurdle and support would be at the 46,500 level. If the Sensex closes above or below the given level, it would move up to 400 to 500 points on either side.
"Traders need to be level based and investors would have the opportunity to invest in strong companies with a medium-term outlook (1 to 3 weeks)," Shrikant Chouhan, EVP, equity technical research at Kotak Securities said.
