Intraday Charts Hold Uptrend Continuation
80,500 would act as a key support zone, above which it could move up to 81,000-81,300; A dismissal of 80,500 could make market to retest the levels of 80,200-80,000
Intraday Charts Hold Uptrend Continuation
Mumbai: On Monday, the benchmark indices continued positive momentum, BSE Sensex was up by 295 points. Among sectors, Defence, Auto and tourism indices gained over one per cent whereas selective Banking stocks witnessed intraday profit booking at higher levels. Technically, after a gap-up open market registered range bound activity. On daily charts it has formed small bullish candle and on intraday charts it is holding uptrend continuation formation.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “We are of the view that 80,500 would act as a key support zone for the trend following traders.” Above the same, the market could move up to 81,000-81,300. On the other side, dismissal of 80,500 could trigger a quick intraday correction. Below the same, market could retest the level of 80,200-80,000.
Prashanth Tapse, sr V-P (research), Mehta Equities, said: “As most of the Asian markets were shut, local investors traded with caution with selective bullish bets seen across the sectors barring banks. “FIIs have been steadily buying into local equities over past few weeks, which is encouraging for Indian markets despite uncertainty surrounding global tariffs and geopolitical tensions.”
STOCK PICKS
ONGC | TRADE-BUY | CMP: Rs239 | SL: Rs230 | TARGETs: Rs250–Rs258
ONGC has shown a steady recovery after taking support near Rs230. The stock is now gaining strength and trading close to short-term resistance around Rs240. A breakout above this level could lead to a sharp move toward Rs250 and Rs258. The overall price trend is improving, and the stock is holding above key moving averages, suggesting further upside potential. Traders can consider buying around current levels or on small dips, with a stop loss at Rs230 to limit any downside.
SBIN | TRADE-BUY | CMP: Rs790 | SL: Rs760 | TARGETs: Rs820–Rs850
SBIN continues to hold strong above its support zone around Rs760. The stock has been moving in a slow upward trend and is now trading close to a possible breakout point. If it manages to stay above Rs795–Rs800, it could gain momentum and move toward Rs820 and Rs850 levels. The chart setup remains positive and buying on dips is advisable. Traders should maintain a stop loss at Rs760 to manage risk in case of any sudden pullback.
(Source: Riyank Arora, technical analyst at Mehta Equities)
