Begin typing your search...

Charts indicating further bearish movement

A quick pullback rally is not ruled out, if BSE Sensex succeeds to trade above 60,900 level

Markets begin 2024 on flat note

Markets begin 2024 on flat note

Mumbai: Profit booking continued in the benchmark indices, after an early morning rally, BSE Sensex was down by 311 points. Among sectors, some buying was seen in digital and IT stocks whereas Energy and PSU Banks stocks corrected one per cent. Technically, from the last three days, the market witnessing profit booking at higher levels.

Post short term rally, it corrected over 1,000 points. “We are of the view that, a bearish candle on daily charts indicating further weakness from the current levels,” says Shirkant Chouhan, Head of Equity Research (Retail), Kotak Securities. However, BSE Sensex is trading near 20-day SMA and Sensex is trading near important support level of 60,600. The short-term texture is weak, but one quick pullback rally is not ruled out, if the index succeed to trade above 60,900. Above which, it could move up to 61,200-61,400. On the flip side, fresh sell off possible only after dismissal of 60,500 below the same the index could slip till 60,300-60,200.

Stock Picks

l WIPRO: Buy CMP Rs407 SL Rs396 Target Rs415-422

After a quick short-term correction, the stock has formed Double Bottom formation on daily and intraday charts near 20-day SMA (Simple Moving Average)

l ZOMATO: Buy CMP Rs54.70 SL Rs53.30 Target Rs57.5-58.5

After a short-term correction, the stock took the support near 20-day SMA or 50 and bounce back sharply. a promising reversal formation and long bullish candle on daily charts indicating further uptrend from the current levels.

l BAJAJ AUTO: Buy CMP Rs3,900 SL Rs3,840 Target Rs4,000-4,050 On daily and intraday charts, the stock consistently forming higher bottom formation, which is broadly positive. The short-term texture suggesting, as long as the stock is trading above 3840 or 20-day SMA the uptrend wave is likely to continue.

l BPCL: Buy Rs326 SL Rs319 Target Rs340-345

After a short term correction, the stock has formed double bottom formation. currently, the stock is trading near 200 day SMA (Simple Moving Average). We are of the view that, the stock has completed one leg of correction and strong possibility of fresh uptrend rally is not out, if the stock succeeds to trade above 319 . Above which it could move up to 340-345.

l IGL: BUY Rs434.30 SL Rs424 Target Rs450-460

Post short term uptrend rally, currently the stock is hovering between 430 and 440. However, the short term texture of the stock is still in to the positive side. Currently, the stock comfortably trading above 20 and 50-day SMA. it also formed higher high formation which supports short term uptrend.

(Source_Kotak Securities)

Kumud Das
Next Story
Share it