Domestic flows supporting mkts
75,000 would act as a trend decider level, above which the market could rally till 75,500-75,600pts; Below the same, it could retest the level of 74,300-7,200
Mumbai: On Wednesday, the benchmark indices witnessed buying activity as BSE Sensex was up by 355 points. Among sectors, Media, PSU Banks and FMCG indices gained over one per cent whereas intraday profit booking were seen in selective pharma stocks. Technically, after a gap-up opening the market held the positive momentum throughout the day. On intraday charts, the market is holding higher bottom formation, which is broadly positive.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “For the trend following traders now, 75,000 would act as a trend decider level. Above which, the market could rally till 75,500-75,600.” On the flip side, below, traders may prefer to exit out from the trading long positions. Below the same, it could retest the level of 74,300-7,200.
Prashanth Tapse, senior V-P (research), Mehta Equities, says: “Even as FII investment in local equities have been volatile over the past few months, domestic flows have been strong which has been a key catalyst behind markets touching record highs.”
Backed by strong growth prospects going ahead and poll fever steadily gripping up, investors are maintaining their bullish stance resulting in the Sensex closing above the 75k mark for the first time, while Nifty scaling fresh intra-day high.
STOCK PICKS
Deepak Nitrite
CMP: 2,297 | SL: 2,240 | Target: 2,400
The stock has experienced a strong breakout above its trendline resistance at 2,260, indicating significant momentum. Volume has surged to nearly four times the average traded volume over the past 30 days, while the current market price sits at 2,297. Given these factors, the stock appears to be a promising buy opportunity, with a recommended strict stop loss at 2,240 and potential targets set at 2,400 and above.
Petronet LNG
CMP: 302.50 | SL: 295 | Target: 325
The stock has recently broken above its all-time high of 299 on both daily and weekly charts, signaling a strong bullish trend. With volumes surging and the overall trend remaining positive, it’s anticipated that the stock will continue its upward trajectory towards 325 and beyond. To manage risk effectively, a stop loss at 295 is advisable.
(Source_Riyank Arora Technical Analyst
at Mehta Equities)
