Traders waiting for either side breakout
For now, 80,150 would be the support, above which market could rally up to 80,500-80,700; On the flip side, below 79,470, the market could slip till 79,100-79,000
image for illustrative purpose
Mumbai: On Thursday, the benchmark indices witnessed a lacklustre activity as BSE Sensex was down by 27 points. Among sectors, Media index gained over one per cent whereas Reality index shed nearly 1.5 per cent.
Technically, after a positive opening entire day the market hovered between 79,470 and 80,150. On intraday charts, market witnessing non-directional activity perhaps traders are waiting for either side breakout.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “For the bulls now, 80,150 would be the immediate breakout zone. Above the same, the market could rally up to 80,500-80,700.” On the flip side, below 79,470 the selling pressure is likely to accelerate. Below which the market could slip till 79,100-79,000.
Prashanth Tapse, senior V-P (research), Mehta Equities, said: “After early volatility and a sharp fall thereafter, markets recouped most of its losses to end marginally lower at close on selective profit-taking despite optimism in global equities. We have already seen most of the rally part before the budget, hence investors would be cautiously optimistic and may take selective bets over the next few weeks.”
STOCK PICKS
WELSPUN LIVING | Buy | CMP: 173.50 | SL: 165.00 | Target: 200.00
The stock has experienced a strong breakout above its all-time high resistance of 171.25 and has successfully closed above this level. With the RSI (14) positioned around 77, it indicates strong momentum for the stock. We anticipate that the stock will continue to rise as the rally extends further. Thursday’s trading session showed volumes nearly 6 times the 30-day average, indicating strong support. We recommend buying WELSPUN LIVING with a strict stop-loss at 165.00 and a target of 200.00.
SJVN | Buy | CMP: 150.00 | SL: 145.00 | Target: 170.00
SJVN shares have shown a robust breakout on their daily technical charts, with volumes rising to nearly 2.5 times the 30-day average. The RSI (14) on the daily time frame is around 69, indicating strong momentum. With positive price action breaking out of an important resistance level, it appears that the stock should head higher. We recommend buying SJVN with a strict stop-loss at 145.00 and a target of 170.00.
(Source: Riyank Arora, technical analyst at Mehta Equities)
CMP (Current Market Price); SL (Stop Loss)/All prices in Rs
