Begin typing your search...

Market In Indecisive Mode

80500 would be the immediate breakout level, above which it could rally towards 80800-81000. Below 80000, it can slip down to 79700-79500

Market In Indecisive Mode

Market In Indecisive Mode
X

30 April 2025 11:43 AM IST

Mumbai: On Tuesday the benchmark indices witnessed a range-bound trading session, with the Sensex was up by 70 points. Among sectors, the Defense index outperformed, rallying 5 percent, while intraday profit booking was seen in select pharma stocks, resulting in a 1 percent decline for the Pharma index.

Technically, the market is consistently facing resistance near the 24,450/80500 resistance zone. A small bearish candle near this important resistance level indicates indecisiveness between the bulls and the bears.

Shrikant Chouhan, Head-Equity Research, Kotak Securities, said: “We are of the view that, on the upside, 80500 would be the immediate breakout level for the bulls.” Above this level, the market could rally towards 24,550-24,600/80800-81000. On the other hand, if the market falls below 24250/80000, selling pressure is likely to accelerate. Below this level, we could see a quick correction down to 24,150-24100/79700-79500.

STOCK PICKS

Solar Industries | TRADE-BUY | CMP: Rs13,500 | SL: Rs13,000 | TARGET: Rs15,000

Solar Industries has witnessed a solid breakout, supported by a significant rise in volumes, surpassing its previous all-time high of Rs13,298. The momentum appears robust, with RSI (14) standing at 77 on the daily chart and 74 on the monthly timeframe, suggesting continued bullish strength. The stock is well-positioned to rally towards Rs15,000 and potentially beyond. It’s crucial to maintain a tight stop loss at Rs13,000 to mitigate risk effectively.

Prestige Estate | TRADE–Buy | CMP: Rs1,358 | SL: Rs1,335 | TARGET: Rs1,425

Prestige Estate has broken above its recent swing high of Rs1,354, signaling a potential continuation of upward momentum. Volume activity has been strong, and with the RSI (14) at 65, the technical setup looks favorable. The stock is displaying signs of sustained strength, and a move towards Rs1,425 or higher seems likely. A protective stop loss at Rs1,335 is advised to manage downside risk efficiently.

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

Sensex Defense Index Solar Industries Prestige Estate Technical Analysis 
Next Story
Share it