Further Uptrend Possible From Current Levels
7,9500 is the key level, above which, it could move up to the range of 80,300-80,500. Conversely, below 79,500, see a quick short term correction down to the 79,200-79,000
Further Uptrend Possible From Current Levels
Mumbai: The benchmark indices continued their positive momentum for the seventh day in a row, with the Nifty ends 162 points higher, while the Sensex was up by 521 points. Among sectors, the IT index outperformed, rallying over 4.35 per cent, whereas intraday profit booking was seen in selective consumer and financial stocks.
Technically, after a gap-up open, the market witnessed an intraday sell-off; however, it found support near 79,500 and bounced back sharply. Additionally, on both daily and intraday charts, the market is holding a higher high and higher low formation, which supports a further uptrend from current levels.
Shrikant Chouhan, Head Equity Research, Kotak Securities, said: “We are of the view that, as long as the market is trading above 7,9500, the bullish sentiment is likely to continue. On the upside, it could move up to the range of 80,300-80,500.” Conversely, if it falls below 79,500, we could see a quick short term correction down to the 79,200-79,000 range.
STOCK PICKS
Bajaj Finserv | TRADE-BUY | CMP: Rs2,100 | SL: Rs2,045 | TARGET: Rs2,200
Bajaj Finserv is looking strong after bouncing back from its recent support zone near Rs2,045. The stock is showing bullish price action with rising volumes, indicating fresh accumulation. It’s trading above key moving averages, and momentum indicators like RSI are turning positive. With financial stocks gaining traction again, Bajaj Finserv could head towards Rs2,200 in the short term. Buying at current levels with a stop loss at Rs2,045 offers a good risk-reward setup.
Eternal (Eternal Ltd) | TRADE-BUY | CMP: Rs239 | SL: Rs225 | TARGET: Rs265
Eternal has been steadily climbing with strong price and volume action. The stock is forming higher highs and holding gains well, which suggests solid investor interest. Technically, it is above all its major moving averages and showing breakout signs. If the stock maintains above Rs225, there’s good potential for a rally toward Rs265. Traders can consider entering at current levels with a stop loss at Rs225 to ride the uptrend.
(Source: Riyank Arora, technical analyst at Mehta Equities)
