Declining momentum ahead of F&O expiry
Mumbai: The stock market witnessed a rollercoaster ride, as it opened higher, but lost momentum thereafter to close at the lowest point of the day. This could be due to the monthly and quarterly F&O series expiry and the AGM of Reliance Industries (RIL) on Thursday.
India VIX jumped and the Nifty/Sensex settled on the support of the 20-day SMA, which is at 52,250. The BSE Sensex was expected to find support between 52,300 and 52,400 levels but volatility was unimaginable.
"On Thursday, the markets would be a trading range of 52,800 and 51,700 levels. Below 52,250 points, the Sensex would quickly drop to the level of 51,700 points. On the other hand, if the BSE Sensex trades above 52,250 points, then the market would move to the level of 52,800 points. One should be a level-based trader," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
- BATAINDIA_Above Rs1,675 with a target of Rs1,715 and Stop loss of Rs1,650. It is trading in a Strong uptrend and is on the verge of a breakout.
- JUBLFOOD_Above Rs3,250 with a target of Rs3,300 and Stop loss of Rs3,200. It has support of 8 and 40 EMA.
- THYROCARE_Above Rs1,400 with a target of Rs1,440 and Stop loss of Rs1,365. The stock is in upward trending channel and is on the verge of a breakout.
- TITAN_Above Rs1,790 with a target of Rs1,815 and Stop loss of Rs1,765. It has a support of 8 EMA.
- DABUR_Above Rs570 with a target of Rs582 and Stop loss of Rs560. It has reversed from the support of 8 EMA.