Trade long with a final stop loss at 49.6K
The market was calm in the first half of the trading session and was steadily moving upwards, however, in the latter part of the trading session it became equally violent and fell below the psychological support level of 49,950.
image for illustrative purpose
Stock Picks
- BERGER PAINT - Above 765 with a target of 785 and Stop loss of 745. It is trading in a sideways channel and on the verge of a breakout.
- EMAMI - Above 520 with a target of 535 and Stop loss of 510. It has a support of 8 and 40 DMA.
- GUJGASLTD - Above 567 with a target of 582 and Stop loss of 555. It is an upward trending channel and on the verge of a breakout.
- SIEMENS - Above 1860 with a target of 1890 and Stop loss of 1835. It has a support of 8 and 40 EMA.
- TITAN - Above 1580 with a target of 1620 and Stop loss of 1560. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
Mumbai: The market was calm in the first half of the trading session and was steadily moving upwards, however, in the latter part of the trading session it became equally violent and fell below the psychological support level of 49,950.
On a daily chart, the Sensex has formed a bullish continuation pattern. However, it should not break the level of 49,600 otherwise it would re-test the level of 49,200. "At the top 50,000 and 50,300 would be major obstacles. After the dismissal of 50,300, the Sensex would move to the level of 50,700. Trading long with a final stop loss at 49,600 could be the ideal strategy," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
The Indian rupee fell to 74.75 levels, which is negative if it continues for the next few days.
