This Tuesday is crucial for market
The concerns over the unusual surge in Covid cases brought down the market with the benchmark indices breaking the crucial support of 47,690.
image for illustrative purpose
Mumbai: The concerns over the unusual surge in Covid cases brought down the market with the benchmark indices breaking the crucial support of 47,690.
The market went down to 47,360 levels, however, in the second half of the trading session, it recovered back gradually towards 48,000 under the leadership of Technology and Pharmaceutical stocks.
Beaten down Bank stocks also recovered from lows that helped the Bank Nifty to close at the highest point of the day at 31,200 levels.
Although the market has broken crucial support the market managed to close higher from the lower levels and has formed a hammer pattern.
"Tomorrow would be crucial day for the market. Above the levels of 48,550, the Sensex would rally to 49,000 levels. On the other side, 47,650/47,300 would act as major supports, however on the dismissal of 47,300, Sensex could drop to 46,500 levels," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
Stock Picks
- GLENMARK - Above 588 with a target of 610 and Stop loss of 570. It is trading in an upward trending channel and on the verge of a breakout.
- JSW STEEL - Above 620 with a target of 645 and Stop loss of 598. It has a support of 8 and 40 DMA.
- AUROPHARMA - Above 970 with a target of 990 and Stop loss of 950. It is an upward trending channel and on the verge of a breakout.
- IPCALAB - Above 2220 with a target of 2260 and Stop loss of 2195. It has a support of 8 EMA.
- JINDAL STEEL -_Above 420 with a target of 440 and Stop loss of 400. It has reversed from the support of 8 EMA.
(Source - CapitalVia)
