Level-based trading is ideal for day traders
The BSE Sensex ends 396 points lower. Among Sectors, PSU Banks and Pharma indices witnessed selling pressure. Despite weak market sentiment, Auto index rallied over 2.5 percent.
image for illustrative purpose
Stock Picks
- BSE: Above Rs1,556 with a target of Rs1,571 and Stop loss of Rs1,541. The stock is in upward trending channel and has given the breakout.
- CYIENT: Above Rs1,127 with a target of Rs1,138 and Stop loss of Rs1,116. It has support of 8 and 40 EMA.
- DELTACORP: Above Rs298 with a target of Rs301 and Stop loss of Rs295. The stock is in upward trending channel and is on the verge of a breakout.
- DABUR: Above Rs610 with a target of Rs616 and Stop loss of Rs604. It has a support of 8 EMA.
- ALKYLAMINE: Above Rs3,430 with a target of Rs3,464 and Stop loss of 3396. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The BSE Sensex ends 396 points lower. Among Sectors, PSU Banks and Pharma indices witnessed selling pressure. Despite weak market sentiment, Auto index rallied over 2.5 percent. Technically, on intraday charts, the NSE Nifty/ BSE Sensex formed lower top formation, which is broadly negative.
For the day traders, now 60,550 would be the immediate resistance level, below the same the correction wave is likely to continue up to 60,000-59,800. "On the other side, 60,550 would be the key intraday breakout level for the bulls, above the same the index will move up to 60,700-60,800. The texture of the market is volatile. Hence, level-based trading would be the ideal strategy for the traders," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities.
