Market is witnessing consolidation
Benchmark indices continued to trade in a range bound manner at higher levels, Sensex was up 204 points. Among sectors, Realty index was the top gainer, gaining over 2 per cent while Media index declined 1 per cent
image for illustrative purpose
Mumbai, June 14: Benchmark indices continued to trade in a range bound manner at higher levels, Sensex was up 204 points. Among sectors, Realty index was the top gainer, gaining over 2 per cent while Media index declined 1 per cent.
Technically, the market witnessed selling pressure at higher levels after a gap up opening. However, the short term structure of the market is still on the positive side. Currently on the intraday charts, the market is witnessing consolidation.
“For trend following traders currently 76,700 would act as a sacrosanct support zone above that, the positive formation is likely to continue on the higher side, we can expect 77,000-77,300 in the near future,” says Shrikant Chouhan, Head Equity Research, Kotak Securities.
On the other hand, if the index moves below 76,700 a quick intraday correction cannot be ruled out and it can retest 76,400-76,200 levels.
Yesterday’s session saw Sensex peak at 77,145.45. Investors anticipate consolidation amid uncertainties, awaiting India’s FY25 Budget announcement and the Federal Reserve’s next rate cut. Positive news includes the US 10-year Treasury yield dropping below 4.27%.
“Key stocks in focus are L&T, securing a major order from ONGC, and sugar stocks potentially benefiting from an MSP increase Preferred trades are CMP with specific target zones top stock pick is TITAN, recommended for its momentum play,” says Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
