Markets in non-directional activity
For the bulls, the intraday breakout level would be 58,350 above which the index could rally till 58,500-58,800, trading below 57,500 may increase further weakness up to 57,300-57,200
image for illustrative purpose
Stock Picks
- ADANIGREEN: Above Rs2,100 with a target of Rs2,150 and Stop loss of Rs2,080. The stock is in positive momentum and has given a breakout of its all-time high.
- HDFCLIFE: Above Rs595 with a target of Rs605 and Stop loss of Rs585. It has support of 8 and 40 EMA.
- JSWENERGY: Above Rs342 with a target of Rs350 and Stop loss of Rs335. The stock has reversed from the support levels and is on the verge of a breakout in smaller time frame.
- PIDILITE: Above Rs2,460 with a target of Rs2,490 and Stop loss of Rs2,430. It has a support of 8 & 40 EMA.
- GODREJCP: Above Rs847 with a target of Rs867 and Stop loss of Rs835. It has support of 8 and 40 EMA.
(Source: Capital Via)
Mumbai: On the day of weekly expiry, the benchmark indices witnessed range bound trading session. The BSE Sensex was down by 105 points. Banking and financial stocks registered profit booking at higher level. Whereas, despite tepid market conditions buying interest was seen in Energy stocks.
Technically, after a positive opening, entire day the Sensex was hovered between 57,650-58,300 price range. Currently the market is witnessing non-directional activity near 50-day SMA. Perhaps, traders are waiting for either side breakout.
"For the bulls, the intraday breakout level would be 58,350 above which the index could rally till 58,500-58,800," says Shrikant Chauhan, head (equity research-retail), Kotak Securities.
On the flip side, trading below 57,500 may increase further weakness up to 57,300-57,200, he added.
