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Market may move in 58,000-58,700 range

The BSE Sensex was down by 323 points. After yesterday, there was a sharp recovery. On Wednesday, the market opened with a positive note, but due to tepid global market conditions and profit booking at higher levels, it failed to surpass 59,000 resistance level.

Equities jump in early trade on RBIs accommodative stance
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Equities jump in early trade on RBI's accommodative stance

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Mumbai: The BSE Sensex was down by 323 points. After yesterday, there was a sharp recovery. On Wednesday, the market opened with a positive note, but due to tepid global market conditions and profit booking at higher levels, it failed to surpass 59,000 resistance level. And in the last hour of trading session, it corrected sharply which is broadly negative. Among sectors, some buying interest was seen in Media stocks whereas IT stocks remained under pressure. Technically, the index has formed bearish candle and on intraday charts, it also formed lower top formation.

"We are of the view that, ahead of monthly F&O November series expiry the market is likely to trade within the range of 58,000-58,700. And buy on dips and sell on rallies could be the ideal strategy for the traders," says Shrikant Chauhan, head of equity research (Retail), Kotak Securities.

We witnessed some volatile movements in the market and an attempt to hold the market above the levels of 58,800.

Our research suggests that sustaining above 58,000 will be an important level for the market to stay positive in the short term. If the market is able to sustain the level of 58,000, we can witness a positive momentum in the market which can lead to the levels of 59,700. We have observed the momentum indicators like RSI and MACD indicating early signs of reversal in the market, another analyst said.

n CARBORUNIV: Above Rs985 with a target of Rs995 and Stop loss of Rs975. The stock is in upward trending channel and has given the breakout.

n APLAPOLLO: Above Rs920 with a target of Rs929 and Stop loss of Rs911. It has support of 8 and 40 EMA.

n ADANITRANS: Above Rs1,941 with a target of Rs1,960 and Stop loss of Rs1,922. The stock is in upward trending channel and is on the verge of a breakout.

n ERIS: Above Rs735 with a target of Rs742 and Stop loss of Rs728. It has a support of 8 EMA.

n AARTIDRUGS: Above Rs538 with a target of Rs543 and Stop loss of Rs533. It has reversed from the support of 8 EMA.

(Source-CapitalVia)

Kumud Das
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