Positive movement above 52,900 pts
On Tuesday, key benchmark indices consolidated near 52,900 points, but the last hour recovery indicates further uptrend from current levels.
image for illustrative purpose
Mumbai: On Tuesday, key benchmark indices consolidated near 52,900 points, but the last hour recovery indicates further uptrend from current levels. After a muted opening, the BSE Sensex slipped to intraday lows of 52,751.75 points before reversing sharply thereafter. While key indices hovered in the range of 52,820-52,900 levels, the last hour of the trade helped surpass the intraday hurdle of 52,900 level, which is broadly positive for the market. Among sectors, strong buying was seen in the metal and reality stocks, whereas some intraday profit booking was witnessed in energy and selective auto stocks.
"We are of the view that the larger market structure is still positive and likely to continue in the near future if the market succeeds to trade above 52,900 points. Technically, the 20-day SMA or 52,500 should be the sacrosanct level for the market. Above the same, the uptrend texture is likely to continue up to 53,300-53,550 points. On the other side, the uptrend would be vulnerable if indices close below 52,500 or below 20-day SMA," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
Stock Picks
- DEEPAKNTR: Above Rs1,950 with a target of Rs1,980 and Stop loss of Rs1,920. It is trading in a Strong uptrend and is on the verge of a breakout.
- RCTC: Above Rs2,200 with a target of Rs2,224 and Stop loss of Rs2,176. It has support of 8 and 40 EMA.
- NAVINFLOUR: Above Rs3,900 with a target of Rs3,970 and Stop loss of Rs3,850. The stock is in upward trending channel and is on the verge of a breakout.
-JUBLFOOD: Above Rs3,160 with a target of Rs3,200 and Stop loss of Rs3,120. It has a support of 8 EMA.
- AARTIIND: Above Rs865 with a target of Rs888 and Stop loss of Rs845. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
