Sensex in uptrend continuation formation
As long as the index is trading above 50-day SMA, the short-term texture is positive; for the trend following traders, the support has shifted to 57,650 from 57,200
image for illustrative purpose
Stock Picks
- NARAYANA HRUDALAYA: Above Rs756 with a target of Rs770 and Stop loss of Rs748. The stock is in positive momentum and is at the support of 8 and 40 EMA
- INDIAN HOTELS: Above Rs242 with a target of Rs252 and Stop loss of Rs232. It has a support of 8 EMA and has given a breakout in smaller time frame
- MOIL: Above Rs194 with a target of Rs204 and Stop loss of Rs184. It is at the support of 8 and 40 EMA
- JINDAL STAINLESS: Above Rs380 with a target of Rs388 and Stop loss of Rs374. It has reversed from the recent support zone
- WELSPUN: Above Rs165 with a target of Rs180 and Stop loss of Rs155. It has reversed from the support of 8 and 40 EMA
(Source: Capital-Via)
Mumbai: BSE Sensex was up by 395 points. On Tuesday due to stable global cues and modest correction on crude oil price our market opened with a gap up, but after a strong opening entire day it was hovered between 57,650 to 58,000. Among sectors, strong buying interest continued in pharma and reality stocks whereas media stocks witnessed profit booking at higher levels.
Technically, post-Monday promising reversal formation, the index maintains the uptrend continuation formation, which is largely positive.
"We are of the view that, as long as the index is trading above 50-day SMA the short-term texture is positive. For the trend following traders, the support has shifted to 57,650 from 57,200," says Shrikant Chouhan, head (equity research-retail), Kotak Securities.
Due to purchasing in front line counters, Indian equities benchmarks were firm in the late afternoon session. Traders around the world are cheered by lowering crude oil prices and are hopeful that Ukraine and Russia will continue their peace talks, which might lead to the West's lifting of sanctions on Russian oil.
The airline industry has stayed focused, with airports throughout India expecting 33.81 crore passengers in 2022-23, up 69.35 per cent from the current fiscal year. During the years 2021-22, 19.96 crore passengers passed through the country's airports. On the international front, Asian markets were neutral, while European markets were higher.
