Mkt is largely negative
Markets remain largely negative today, with widespread declines across major sectors reflecting cautious investor sentiment and global uncertainties.
Mkt is largely negative
Mumbai, July 02
Today, the benchmark indices witnessed profit booking at higher levels. The Sensex was down by 288 points.
Among sectors, Metal index outperformed rallied 1.44 per cent, whereas the Reality index lost the most, shedding 1.40 per cent.
Technically, after a muted open, the market has been consistently facing selling pressure at higher levels. On daily charts, it has formed a bearish candle, and on intraday charts, it is holding a lower top formation, which is largely negative.
"We are of the view that, as long as the market is trading below 83,500, the weak sentiment is likely to continue," says Shrikant Chouhan, Head - Equity Research, Kotak Securities.
On the lower side, the market could retest the level of 83,000.
Further sell-offs may also continue, which could drag the market down to 82,800. On the flip side, if the market rises above 83,500, it could bounce back up
Stock Picks
RITES Ltd
Buy at ₹295 | Stop‑Loss ₹280 | Target ₹330
RITES has surged above the ₹292 resistance level on strong volume, signaling renewed buying interest after a short consolidation. The stock is now trading above its 20-day and 50-day moving averages, indicating technical strength. The Relative Strength Index (RSI) stands at 66, pointing to bullish momentum with moderation. The price action shows formation of higher highs and higher lows, supporting the continuation of the uptrend. As long as RITES holds above ₹280, a move toward ₹330 looks reasonable in the coming sessions. Traders may consider accumulating on small dips, using ₹280 as a protective stop-loss level.
Sagility Ltd (formerly Plug Play Tech Center India Ltd)
Buy at ₹43.72 | Stop‑Loss ₹41.00 | Target ₹50.00
Sagility has recently broken above the ₹43–44 resistance zone on rising volume, indicating potential for further upside. The stock is trading above its short-term moving averages, suggesting early stages of a bullish breakout. The RSI is near 65, reflecting positive momentum without being stretched. A sustained move above ₹44 could pave the way toward the ₹50 level in the near term. As long as it holds above ₹41, the technical setup remains constructive. Traders may consider entering on mild pullbacks, keeping ₹41 as a key stop-loss for risk control..
(Source_Riyank Arora Technical Analyst at Mehta Equities)
EoM.
