Market is largely negative

Mumbai: The benchmark indices experienced a volatile trading session. After a roller-coaster activity, the Sensex was down by 275 points. Among sectors, Media and Metal indices gained 0.50 per cent, whereas the Capital Market Index lost the most, shedding over 2 per cent.

Technically, after an early morning intraday rally, the market faced resistance near 85,000 and reversed sharply. From the day’s high point, the market shed over 700 points. It has formed a bearish candle on daily charts and is holding a lower top formation on intraday charts, which is largely negative.

Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We believe that the intraday market texture is weak, but a fresh sell-off is possible only after the dismissal of 84,200. Below this level, the market could slip to 84,000-83,700. “On the higher side, 84,500 would act as an immediate resistance area for the bulls; a dismissal of 84,500 could push the market up to 84,800-85,000.”

STOCK PICKS

Metro Brands | TRADE – BUY | CMP: Rs1,186.80 | SL: Rs1,145 | TARGETs: Rs1,240-Rs1,285

Metro Brands has shown a strong breakout candle backed by robust volume, signalling renewed bullish momentum. The stock has reclaimed short-term moving averages and is forming higher highs, indicating trend continuation. RSI is rising sharply, confirming strength. A sustained move above Rs1,200 can extend gains toward Rs1,240 and Rs1,285. Keep SL at Rs1,145.

Windlas Biotech | TRADE – BUY | CMP: Rs779.30 | SL: Rs748 | TARGETs: Rs810-Rs835

Windlas is displaying powerful upside momentum after bouncing sharply from its support zone around Rs748. The stock has formed a bullish continuation structure with strong intraday demand. RSI remains in expansion mode, supporting further upside. A breakout above Rs785 may fuel the next leg toward Rs810 and Rs835. SL placed at Rs748.

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