Market is largely positive

Mumbai: In the last session of the week, the benchmark indices continued their positive momentum. The Sensex was up by 1290 points.

Among sectors, Capital Market and IT indices outperformed, with the Capital Market gaining 5.20 per cent and the IT index rallying 4.80 per cent, whereas the Media index lost the most, shedding 2.75 per cent.

During the week, the market successfully cleared the 81,700 mark, and post-breakout, it intensified its positive momentum.

Technically, it has formed a long bullish candle on weekly charts and is also trading above the 20-day SMA (Simple Moving Average), which is largely positive.

Amol Athawale of Kotak Securities, said: “We are of the view that the 20-day SMA and the 81,700 level will act as crucial support zones for short-term traders. As long as the market is trading above 81,700, the uptrend is likely to continue.

On the higher side, the market could rally to 82,900-83,100. “Further upside may also continue, potentially lifting the index up to 83,700. Conversely, if the market falls below 81,700, the uptrend would become vulnerable. Below this level, traders may prefer to exit their long positions.”

STOCK PICKS

Yes Bank | TRADE – BUY | CMP: Rs24 | SL: Rs22.80 | TARGETs: Rs27-Rs29

Yes Bank continues to display strong momentum, supported by rising volumes and improving investor sentiment.

The stock has maintained higher lows on the daily chart, signaling steady accumulation. RSI is trending positively, suggesting continued upside potential. Sustaining above Rs24 can push the stock toward Rs27 and Rs29. Traders may consider fresh long positions with a stop-loss at Rs22.80 to manage downside risk effectively.

Adani Ports | TRADE – BUY | CMP: Rs1,410 | SL: Rs1,375 | TARGETs: Rs1,470-Rs1,500

Adani Ports is holding firm near its recent breakout zone, supported by strong delivery-based buying. The stock remains above its key moving averages, indicating a sustained uptrend. RSI is stable in the bullish territory, reflecting underlying strength.

A close above Rs1,410 could trigger a move toward Rs1,470 and Rs1,500. Traders may accumulate with a stop-loss at Rs1,375 to manage volatility.

(Source: Riyank Arora Technical Analyst at Mehta Equities)