Support shifts to 60,100 level for day traders
The Indian equities market is continuing its upward trend, beating global markets, with the BSE Sensex closing above the 60,000 level. There were no sectoral indices that finished in the red, and market breadth was also robust, which is a positive indicator.
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Stock Picks
- KPITTECH: Above Rs768 with a target of Rs782 and Stop loss of Rs758. The stock is in upward trending channel and making daily new highs.
- TITAN: Above Rs2,671 with a target of Rs2,720 and Stop loss of Rs2,644. Rounding bottom formation.
- TATAMOTORS: Above Rs509 with a target of Rs522 and Stop loss of Rs499. The stock is in upward trending channel and is on the verge of a breakout.
- GNFC: Above Rs464 with a target of Rs442 and Stop loss of Rs457. It has a support of 8 EMA.
- BALKRISIND: Above Rs2,412 with a target of Rs2,462 and Stop loss of Rs2,389. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The Indian equities market is continuing its upward trend, beating global markets, with the BSE Sensex closing above the 60,000 level. There were no sectoral indices that finished in the red, and market breadth was also robust, which is a positive indicator. Despite rising Covid instances, the market is outperforming most of our worldwide rivals because the market is unconcerned about Covid cases because the hospitalization and mortality rates are quite low.
On Monday, all broad market indices finished higher, while all sectoral indices also finished higher on the first trading day of the week. During the day, the 12-share banking index Bank Nifty gained over 2 per cent, closing at 38,347.90, up 608.30 points.
The benchmark indices witnessed robust trading session, as the Sensex was up by 651 points. PSU Banks index gained the most, rallied over three per cent, while some intraday profit booking was seen in selective Pharma stocks. Technically, post gap-up opening, the market clear the in short-term resistance of 60,330 after an intraday breakout, it maintain breakout continuation formation throughout the day.
On daily and intraday charts, the market is still holding higher high and higher low formation which is broadly positive. "We are of the view that, for day traders, now support has shifted to 60,100 from 59,500pts. Above the same bullish sentiment is likely to continue up to 60,600-60,800," says Shrikant Chouhan, head (equity research-retail), Kotak Securities.
However, strong possibility of profit booking is not ruled out, it the index trade below 60,100. Below the same, the market could retest the level of 59,800-59,600, he said.
