Followup buying support likely for PSU stocks
image for illustrative purpose
Mumbai Today, the market closed at the lowest point of the day. The market is not stabilizing at any specific level, which is an indication of some more uncertainties in the near term. The BSE Sensex closed below the level of 48,300 that would keep open the possibilities of hitting 48,000-47,900 levels.
However, it is crucial for the market to close above the levels of 48,100 to maintain the upward bias. On the higher side, 48,500 and 48,900 would be the main obstacles.
"Today, although there was some profit-taking seen in the PSU stocks, we feel they can easily attract follow up buying in the next couple of sessions," says Shrikant Chouhan, EVP (equity technical research), Kotak Securities.
Stock Picks
- SBILIFE - Above 995 with a target of 1020 and Stop loss of 970. It is trading in a Strong uptrend and is on the verge of a breakout.
- ADANIPORTS - Above 782 with a target of 810 and Stop loss of 760. It has a support of 8 and 40 EMA.
- LAURUSLABS - Above 495 with a target of 510 and Stop loss of 480. The stock is in upward trending channel and is on the verge of a breakout.
- RAMCOIND - Above 287 with a target of 298 and Stop loss of 274. It has a support of 8 and 40 EMA.
- BHARATFORG - Above 645 with a target of 665 and Stop loss of 630. It has reversed from the support of 8 EMA.
(Source-CapitalVia)
