Market Is Largely Positive
For now, 82,500-82,000 would be key support zones while 83,500-84,000 would be crucial resistance areas. However, below 82000, uptrend would be vulnerable
Market Is Largely Positive
Mumbai: In the last session of the week, the benchmark indices witnessed promising uptrend rally, the Sensex was up over 1700 points. Among Sectors, Consumer and Digital indices rallied over 3 per cent whereas Oil and Gas index shed over 2.5 per cent.
During the week, one more time market took the support near 20-day SMA (Simple Moving Average) bounce back sharply. Technically, on weekly charts, it has formed long bullish candle and on intraday charts, it is holding higher bottom formation, which is largely positive.
Amol Athawale, VP-Technical Research, Kotak Securities, said: “We could see range bound price action in the near future. For short term now, 82,500-82,000 would be the key support zones while 83,500-84,000 would be the crucial resistance areas for the bulls.” However, below 82000 uptrend would be vulnerable. For Bank Nifty as long as it is trading above 50 day SMA (Simple Moving Average) or 51,350 the bullish formation is likely to continue. On the higher side, it could move up to 52,250-52,700. On the other side, below 50 day SMA or 51,350 traders may prefer to exit out from the trading long positions.
Prashanth Tapse, senior V-P (research), Mehta Equities, said: “The domestic market closed on a cautious note today, with the BSE Sensex declining by 71 points, settling at 82,890, while the Nifty 50 fell by 32 points to close at 25,356.
This follows a significant rally in the previous session, where both indices reached historic highs, driven primarily by strong buying from foreign institutional investors (FIIs).” Despite the day’s losses, market sentiment remains generally positive, bolstered by expectations of continued growth and a favorable economic outlook. Key sectors like banking and IT showed resilience, although profit booking was evident as investors reacted to the recent peaks.
Notably, stocks like Wipro surged by 4%, while Zomato faced a decline of 4%.
STOCK PICKS
PVR | Buy: Rs1654.00 | SL: Rs1625.00 | Target: Rs1700-1725.00
The stock is showing strong upward momentum, with immediate. A breakout above Rs1700 could indicate further gains, supported by positive technical indicators. Risk management is key, with strict adherence to the stop loss.
Vedanta | Buy: Rs453 | SL: Rs440 | Target: Rs475-480
The stock is consolidating near support levels, with potential for an upward move towards Rs475 and Rs480. Positive volume trends and RSI strength support the bullish outlook. The stop loss should be closely monitored to mitigate downside risk.
(Source: Riyank Arora, technical analyst at Mehta Equities)
CMP (Current Market Price); SL (Stop Loss)/All prices in Rs