Support for Sensex shifts up to 62,000 level
As long as the index holds 62,000 level, chances of hitting 62,600-63,000 would turn bright; below 62,000 uptrend would be vulnerable, traders may prefer to exit out from trading long positions
image for illustrative purpose
Mumbai: On the last day of November series monthly F& O expiry day, the benchmark indices witnessed a stellar rally. BSE Sensex was up by 762 points. Among sectors, almost all the major sectoral indices were traded in the green, but IT index outperformed, rallied over 2.75 per cent.
Technically, on daily charts the index has formed long bullish candle and also holding higher high and higher low formation on daily and intraday charts, which is broadly positive.
"For traders now, the support has shifted to 62,000 from 61,500," says Shrikant Chouhan of Kotak Securities. As long as the index is holding 62,000 level, the chances of hitting 62,600-63,000 would turn bright. On the other side, below 62,000, uptrend would be vulnerable. Below the same, traders may prefer to exit out from the trading long positions.
Stock Picks
LT: Stock has been consolidating in the range of Rs2,000-2,040 since last few sessions and on Thursday it has managed to close at new highs with heavy volumes confirming significant breakout. Stock can be bought with a stop loss of Rs2,020 with targets at Rs2,110
HINDUNILVR: Stock has finally closed above 200 day average at Rs2,540 after consolidating for 8 weeks under the support. Indicators such as MACD and RSI has given bullish crossover signalling a buy for tgt Rs2,670 sl Rs2,531.
(Source: Kush Ghodasara)
