Market may continue in narrow range
The benchmark indices witnessed volatile trading session. Due to weak global cues our market opened with a gap down, but once again it took support near 10-day SMA or 59,100 and reversed sharply.
image for illustrative purpose
Stock Picks
- FLUOROCHEM: Above Rs1,866 with a target of Rs1,884 and Stop loss of Rs1,848. The stock is in upward trending channel and has given the breakout.
- CHOLAFIN: Above Rs576 with a target of Rs581 and Stop loss of Rs571. It has support of 8 and 40 EMA.
- CENTURYPLY: Above Rs466 with a target of Rs470 and Stop loss of Rs462. The stock is in upward trending channel and is on the verge of a breakout.
- BATAINDIA: Above Rs1,764 with a target of Rs1,781 and Stop loss of Rs1,747. It has a support of 8 EMA.
- CYIENT: Above Rs1,053 with a target of Rs1,063 and Stop loss of Rs1,043. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The benchmark indices witnessed volatile trading session. Due to weak global cues our market opened with a gap down, but once again it took support near 10-day SMA or 59,100 and reversed sharply. Among sectors, buying interest was seen in PSU banks, but witnessed intraday profit booking in private banks and financial stocks. Technically, after Tuesday's sharp intraday fall, the index has formed inside candle-pattern which indicates indecisiveness between bulls and bears.
"We are of the view that, till monthly F&O expiry the market may continue the narrow range activity. For the day traders, 59,700-59,900 would be the key resistance level while 59,100-58,900 could act as a strong support zone," says Shrikant Chauhan, head of equity research (retail), Kotak Securities.
The intraday chart texture is volatile, Hence, buy on dips and sell on rallies would be the ideal strategy for the day traders, he added.
