Take caution stance near resistance level

- ADANIGREEN - Above 1056 with a target of 1090 and Stop loss of 1025. It has a support of 21 AND 55 DMA.

- BAJAJHLDNG - Above 3280 with a target of 3330 and Stop loss of 3240. It has reversed from the support of 21 DMA

- EICHERMOT - Above 2965 with a target of 2998 and Stop loss of 2935. It is trading in an upward trending channel and is on the verge of a breakout.

- HDFC - Above 2701 with a target of 2670 and Stop loss of 2740. It is reversed from the support of 21 DMA.

- VBL - Above 935 with a target of 960 and Stop loss of 910. It is trading in an upward trending channel.

Top 5 Gainers

- TATAMOTORS (+5.71%), BAJFINANCE (+2.74%), RELIANCE (+2.16%), BAJAJ-AUTO (+1.63%) and EICHERMOT (+1.56 %)

Mumbai: The benchmark BSE Sensex hit 50,000 milestone mark, but it failed to sustain above the same.

Today the Sensex on back of strong global cues opened strong and registered fresh all-time high, but consistence selling pressure at higher level towards the last hour saw the market correcting sharply with Sensex losing 750 points from the day highest level. On the domestic front, PSU Banks, Reality Media and Metal stocks witnessed selling pressure whereas, some buying was seen in selective Auto stocks.

"We are of the view that, the bulls are still in total control but intraday chart shows temporary pause near 50,185 levels, hence traders may prefer to take caution stance near resistance level. Technically, the index still maintains higher high and higher low series," says Shrikant Chouhan, EVP, equity technical research at Kotak Securities.

However, on daily chart the Sensex has formed Hammer candlestick reversal formation which suggest high chances of quick intraday correction. Below 50,185 levels correction is likely to continue up to 49,500-49,200. On the other side, 50,185 would be the immediate hurdle for the bulls, above the same the index could rally till 50,500.