Uptrend rally possible only after 51.9K
The benchmark index moved in a narrow range. Today’s intraday activity has been lacklustre with a momentum of near 650 points. Global cues were tepid too.
image for illustrative purpose
Stock Picks
- APOLLOTYRE - Above 251 with a target of 255 and Stop loss of 247. It has reversed from the support of upward trending line.
- BRIGADE - Above 293 with a target of 297 and Stop loss of 289. It is an upward trending channel and on the verge of a breakout.
- NBCC - Above 34.30 with a target of 37 and Stop loss of 32. It is an upward trending channel and on the verge of a breakout.
- DEEPAKNTR - Above 1087 with a target of 1110 and Stop loss of 1070. It has a support of 8 and 40 DMA.
- AMARAJABAT - Above 1000 with a target of 1050 and Stop loss of 960. It has reversed from the support of 8 and 40 EMA.
(Source-CapitalVia)
Mumbai: The benchmark index moved in a narrow range. Today's intraday activity has been lacklustre with a momentum of near 650 points. Global cues were tepid too. Most of the indices which were trading on a positive note however, missed the follow-through activity. Among sectors, reality and auto sectors was the top gainers while profit booking was seen in private banks, metal and selective infra stocks.
"Technically, a fresh uptrend rally is possible only after 51,900. For the next few trading sessions, 51,900 should act as a trend decider level, above which we can expect a breakout rally towards 52,500-53,000," says Shrikant Chouhan, EVP, equity technical research, Kotak Securities. However, trading below 51,300 could possibly open one more correction wave up to 50,800-50,500 levels.
