Market is indecisive between bulls and bears
Breakout zone at 85,000, above which it could rally up to 85,600 and further up to 85,900-86,100. Key support at 84,500, below this it could retest 84,000-83,700
Market is indecisive between bulls and bears
In the last session of the week, the benchmark indices witnessed roller-coaster activity. The Sensex was down by 343 points. Among sectors, the PSU Bank index gained 1.26 per cent, whereas the Private Bank index lost the most, shedding over 1.38 per cent.
During the week, after a short-term correction, the market took support near the 50-day SMA (Simple Moving Average) and reversed. Technically, on daily and intraday charts, the market is witnessing non-directional activity, which is indicating indecisiveness between the bulls and bears.
Amol Athawale of Kotak Securities, said: “We believe that the current market texture is range bound. For the bulls now, 85,000 would act as an immediate breakout zone. If it succeeds in trading above this level, then it could rally to 85,600.
“Further upside may also continue, potentially lifting the index up to 85,900-86,100. On the flip side, 84,500 would act as a key support zone for traders. Below this level, the market could retest 84,000-83,700.”
STOCK PICKS
BEML | TRADE – BUY | CMP: Rs1,720.50 | SL: Rs1,660 | TARGETs: Rs1,800-Rs1,860
BEML continues to trade in a strong bullish trend, supported by robust price action and higher-high formations. The stock has witnessed strong buying interest above the Rs1,660 support zone, indicating accumulation on dips. Momentum indicators remain firmly positive, with RSI sustaining in the bullish zone. A decisive move above Rs1,740 can further strengthen momentum and push the stock toward Rs1,800 and Rs1,860. Traders may hold long positions with a stop-loss at Rs1,660.
Endurance Technologies | TRADE – BUY | CMP: Rs2,695.80 | SL: Rs2,610 | TARGETs: Rs2,780-Rs2,850
Endurance is showing sustained strength with the stock trading comfortably above its key moving averages. The overall structure remains bullish, with higher lows forming consistently. RSI remains positively placed, signalling continuation of the uptrend. A move above Rs2,720 may trigger the next leg of the rally toward Rs2,780 and Rs2,850. Maintain a stop-loss at Rs2,610.
(Source: Riyank Arora, technical analyst at Mehta Equities)
