Bullish Sentiment Is Likely To Continue
81,000 would act as a key support, above this it could move up to 82000-82200. However, below 81000, it may retest the levels of 80700-80500
Bullish Sentiment Is Likely To Continue
Mumbai: On Thursday, the benchmark indices continued their positive momentum. The Sensex was up by 444 points. Among sectors, the Capital Market and Defense indices outperformed, rallying over 2 percent, whereas intraday profit booking was seen in selective PSU banks and media stocks.
Technically, on daily charts, the market has formed a reversal formation and is currently trading near the 20-day SMA (Simple Moving Average).
Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We believe that 81,000 would act as a key support zone for traders. As long as the market is trading above this level, the bullish sentiment is likely to continue.” On the higher side, the market could move up to 24,900-25,000/82000-82200. However, a breakdown below 24,600/81000 could change the sentiment. Below this level, the market could retest the levels of 24,500–24,450/80700-80500.
STOCK PICKS
360 ONE WAM Ltd (360ONE) | TRADE-BUY: Rs1,074 | SL: Rs1,035 | TARGET: Rs1,140
360ONE has shown a fresh breakout above the Rs1,060–1,070 resistance zone, backed by increased trading volume. The stock is forming a strong bullish candle on the daily chart and has been maintaining a higher high–higher low structure over recent sessions. The RSI is hovering around 66, indicating solid bullish momentum without being overbought. It is also comfortably trading above its 20-day and 50-day moving averages, which supports the ongoing uptrend. If the momentum sustains, the stock could move towards Rs1,140 in the short term. Traders can consider buying on dips, keeping a stop loss at Rs1,035.
Mahanagar Gas Ltd (MGL) | TRADE-BUY: Rs1,307 | SL: Rs1,260 | TARGET: Rs1,390
MGL has bounced back strongly from its recent support near Rs1,260 and is now approaching a key resistance area at Rs1,310–1,315. A breakout above this range, with supportive volume, could push the stock towards the Rs1,390 level. The Relative Strength Index (RSI) is currently around 64 and trending upward, which signals strengthening momentum. The stock is trading above its short-term moving averages and showing signs of fresh accumulation. As long as it holds above the Rs1,260 mark, the structure remains constructive for further upside. Short-term traders may look to ride the trend with a favourable risk-reward ratio.
(Source: Riyank Arora, technical analyst at Mehta Equities)
