Range-bound activity likely
For the bulls, 57,900 could be the immediate hurdle. Below which the correction wave is likely to continue till 57,200-57,100; on the flip side, above 57,900 chances of hitting 58,100-58300 would turn bright. Contra traders can take a long bet near 57,100 with strict 57,000 support stop loss
image for illustrative purpose
Stock Picks
- Tata Motors: Above Rs435 with a target of Rs450 and Stop loss of Rs426. The stock is in positive momentum and is above a 100 SMA on daily chart.
- L&T: Above Rs1780 with a target of Rs1810 and Stop loss of Rs1747. The stock is closing above 8-day SMA on daily chart.
- SBI: Above Rs495 with a target of Rs504-505 and Stop loss of Rs487. The stock is making a bullish candlestick pattern on 4 hourly chart.
- TechM: Above Rs1565 with a target of Rs1620 and Stop loss of Rs1545. The stock is closing above 100 SMA on daily chart.
(Source: Capital-Via)
Mumbai: The benchmark indices witnessed narrow-range activity, the BSE Sensex was down by 89 points. On Thursday, post gap down opening index recovered quickly, but after early morning sharp recovery entire day the market hovered between 57,400 and 57,800. Among sectors, Media index outperformed, rallied over six percent while profit booking continued in banking and financial stocks.
Technically, today's intraday activity has been lacklustre with a momentum of near 650 points. The intraday formation indicating continuation of range bound activity in the near term.
"For the bulls, 57,900 could be the immediate hurdle. Below which the correction wave is likely to continue till 57,200-57,100," says Shrikant Chouhan, head (equity research-retail), Kotak Securities.
On the flip side, above 57,900 chances of hitting 58,100-58300 would turn bright. Contra traders can take a long bet near 57,100 with strict 57,000 support stop loss, he added.
