Charts Signal Short-Term Bullish Bias
On the downside, 81,300 and 80,500 would act as key support level, below which it could fall till 80,500; 82,700 could serve as resistance zone, above which it could rise towards 83,800
Charts Signal Short-Term Bullish Bias
Mumbai: In the last session of the week, the benchmark indices witnessed a promising uptrend rally. BSE Sensex was up by 2,875 points. Among sectors, all the major sectoral indices traded in positive territory, but Defence, Reality, and Capital Market indices outperformed. Defence gained 17 per cent, Capital Market 11.50 per cent and Reality 10.85 per cent .
Technically, on weekly charts, the index has formed a long bullish candle, and on daily charts, it is holding a higher high and higher low series formation, which is largely positive.
Amol Athawale of Kotak Securities, said: “We are of the view that, in the short-term, the market texture is bullish, but buying on dips and selling on rallies would be the ideal strategy for traders.”
On the downside, 81,300 and 80,500 or 20 day SMA (Simple Moving Average) would act as key support levels, while 82,700 could serve as an immediate resistance zone for the bulls. A successful breakout above these levels could push the market toward 83,800. However, if the index falls below 80,500, the uptrend could become vulnerable.
STOCK PICKS
ITC | TRADE-BUY | CMP: Rs435 | SL: Rs422 | TARGETs: Rs450–Rs460
ITC has taken strong support near the Rs422 zone and is showing signs of recovery. The stock is slowly picking up momentum and trading above key short-term levels. If it holds above Rs435 and manages to cross Rs438–440, it could quickly head toward Rs450 and Rs460. The overall trend remains stable, and recent price action indicates fresh buying interest. Traders can consider buying at current levels or on small dips, with a stop loss at Rs422 to manage risk.
Tata Motors | TRADE-BUY | CMP: Rs730 | SL: Rs710 | TARGETs: Rs755–Rs770
Tata Motors continues to trade in a bullish pattern and has managed to stay strong despite broader market volatility. The stock has formed a solid base near Rs710 and is now attempting to break past resistance around Rs735. If it sustains above this level, we may see a strong move toward Rs755 and Rs770 in the short term. The setup favors buying on dips, and traders can enter at current levels with a stop loss at Rs710.
(Source: Riyank Arora, technical
analyst at Mehta Equities)
