51,450 significant support level

Mumbai Market ended at almost unchanged levels in a lacklustre trade, but it seems that a corrective pattern has been completed.

The 51,450 level would act as significant support for Sensex and if it breaks the level it could fall to 51,350/51,000. The index would have closed below 51,500 today if not for gains in banks and auto Sectors.

Index giant Reliance was also the top performer and could close above Rs 2200 after 60 days.

"The Sensex could once again hit 52,230 and 52,550 levels and one could buy the index at 51,500 level with a stop loss at 51,450," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.

STOCK PICKS

• POLYCAB - Above 1700 with a target of 1750 and Stop loss of 1670. It is trading in a Strong uptrend and is on the verge of a breakout
• TATAMOTORS - Above 326 with a target of 335 and Stop loss of 317. It has a support of 8 and 40 EMA
• ADANIPORTS - Above 825 with a target of 850 and Stop loss of 800. The stock is in upward trending channel and is on the verge of a breakout
• RELIANCE - Above 2235 with a target of 2260 and Stop loss of 2210. It has a support of 8 and 40 EMA
• LICHSGFIN - Above 490 with a target of 510 and Stop loss of 470. It has reversed from the support of 8 EMA

(Source-CapitalVia)