Range-bound activity likely to continue in markets
The benchmark indices witnessed selling pressure near 58,400 resistance level.
image for illustrative purpose
Stock Picks
- BAJAJELEC: Above 1352 with a target of 1366 and Stop loss of 1339.The stock is in upward trending channel and is on the verge of a breakout.
- BAJFINANCE: Above 7463 with a target of 7538 and Stop loss of 7389. It has support of 8 and 40 EMA.
- CYIENT: Above 1030 with a target of 1040 and Stop loss of 1020. The stock is in upward trending channel and has given a breakout.
- BALAMINES: Above 4245 with a target of 4288 and Stop loss of 4203. It has a support of 8 EMA.
- GODREJIND: Above 563 with a target of 569 and Stop loss of 558. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The benchmark indices witnessed selling pressure near 58,400 resistance level.
Today post muted opening the index corrected sharply, in the afternoon. But once again it took support near 57,900 and recovered quickly which is broadly positive for the market.
Among sectors, some buying interest was seen Private and PSU banking stocks whereas, IT and selective Auto stocks registered intraday profit booking. Technically, on intraday charts the index has formed double top formation and at the same time, it consistently taking support near 57,900-58,000 levels.
"We are of the view that, from last three days market is trading within the narrow range and the texture of the chart suggest range-bound activity likely to continue in the near future," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
For the day traders, 58,000 would be the key level to watch out. Above the same, uptrend formation likely to continue up to 58,400-58,700. On the flip side, dismissal of 58,000 could possibly trigger one more leg of correction up to 57,900-57,700, he added
