Go for level-based trading

The benchmark indices witnessed selling pressure at higher levels. The Sensex was down by 116 points.

Among sectors, buying was seen in selective financial stocks, while the Capital Market Index shed nearly 1 percent. Technically, after an early morning intraday rally, the market once again faced resistance near 85,750 and reversed sharply. From the day’s highest point, the market shed over 350 points.

Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We believe that the intraday market texture is non-directional; hence, level-based trading would be the ideal strategy for day traders. On the higher side, 85,750 remains the crucial resistance zone for the bulls, whereas 85,300 would be the immediate support area.

“On the higher side, above 85,750, the market could move up to 86,000-86,200, while below 85,300, the chances of hitting 85,000 would increase.”

STOCK PICKS

Hindustan Copper | TRADE – BUY | CMP: Rs436 | SL: Rs418 | TARGETs: Rs455-Rs470

Hindustan Copper is maintaining a strong bullish structure with higher highs and higher lows on the daily chart. The stock is holding firmly above its key support zone near Rs418, indicating sustained buying interest. Momentum indicators remain positive, with RSI in the bullish zone. A sustained move above Rs440 can accelerate upside toward Rs455 and Rs470. Traders may hold long positions with a strict stop-loss at Rs418.

Anant Raj | TRADE – BUY | CMP: Rs566 | SL: Rs545 | TARGETs: Rs590-Rs610

Anant Raj continues to trade in a strong uptrend, supported by steady accumulation on dips. The stock is holding above its short-term moving averages, signalling trend continuation. RSI remains positively placed, suggesting further upside. A breakout above Rs570 may open the path toward Rs590 and Rs610. Maintain a stop-loss at Rs545.

(Source: Riyank Arora, technical analyst at Mehta Equities)