Further uptrend possible from current levels

Mumbai: The benchmark indices bounced back sharply. The Sensex was up by 334 points. Among sectors, almost all the major sectoral indices traded in positive territory, but the Metal and Capital Market indices outperformed, both rallied over 2 per cent.

Technically, after a muted open once again, the market took support near 81,700 and bounced back sharply. A bullish candle on daily charts and a reversal formation on intraday charts indi-cate a further uptrend from the current levels.

Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We are of the view that as long as the market is trading above 81,700, the uptrend is likely to continue, For the bulls, 82,200 and 82,300 would be the immediate resistance zones. A successful breakout above 82,300 could push the market towards 83,000-83,200. On the other hand, below 81,700, the uptrend would become vulnerable.”

STOCK PICKS

SBI | TRADE – BUY | CMP: Rs862 | SL: Rs845 | TARGETs: Rs890-Rs905

SBI continues to show strong bullish momentum, supported by consistent buying and firm price action. The stock is trading above all key moving averages, indicating a healthy uptrend. RSI remains in the positive zone, reflecting strength in sentiment. Sustaining above Rs862 can drive further upside toward Rs890 and Rs905. Traders may initiate fresh long positions with a stop-loss at Rs845 to manage risk.

ONGC | TRADE – BUY | CMP: Rs243 | SL: Rs235 | TARGETs: Rs255-Rs262

ONGC has maintained a steady uptrend, holding firmly above its near-term support levels. The stock’s positive structure and improving RSI signal continued buying interest. Sustaining above Rs243 could open the path toward Rs255 and Rs262 in the short term. Traders may consider accumulating the stock on dips with a protective stop-loss at Rs235 to safeguard against volatili-ty.

(Source: Riyank Arora Technical Analyst at Mehta Equities)