Sensex to open on a flat note with positive bias

Stock Picks

• Bajaj-Auto: Above 3424 with a target of 3464 and Stop loss of 3384. It is trading in an upward trending channel and has reversed from its support.
• Canara Bank: Above 126.30 with a target of 132 and stop loss of 120. It has a support of 8 and 40 DMA.
• Century Tex: Above 415 with a target of 432 and Stop loss of 399. It has reversed from the support of 40 EMA.
• SRT Fin: Above 1030 with a target of 1050 and Stop loss of 1010.It has reversed from an upward trendline.
• UBL: Above 1175 with a target of 1190 and Stop loss of 1155. It has formed a support of 21 DMA and has reversed from the same.

Mumbai: Indian benchmark equity indices witnessed green day amid buying in JSW Steel, Tata Motors, HDFC Life & SBI. All sectoral Indices closed higher while market breath remained positive. IT major TCS market cap crossed Rs 11 lakh crore mark today. Realty sector also outperformed in today's rally. "Sensex will open on a flat note with positive bias, amid technically overbought terrain," says Nilesh Karani, VP, Magnum.

However, it is more likely that Sensex will witness uptrend near 47,530 levels with intermediate resistance at 47450-470 level, crossing 47550 and sustaining above which would further add to rally for target 47670-720 levels and next 47820-850 levels.

On the flipside, Sensex would see immediate support near 47050-100 levels, sustaining below 46,970 levels can witness selling with support near 46810-40 levels and next 46670-720 levels. Below 46650, it may further resume downtrend for target of 46400-450 levels with intermediate support near 46500 levels.

"Quality sectors and the trend of FII inflows should be on investor's watch, which is the main factor of the recent rally, no significant announcement is expected next week," Ashis Biswas, Head of Technical Research at CapitalVia said.

(Source-CapitalVia)