Market is largely positive

Mumbai: The benchmark indices continued their positive momentum. The Sensex was up by 388 points. Among sectors, almost all the major sectoral indices traded in the positive territory, but Financial Services and PSU Banks indices outperformed, gaining over 1 per cent.

Technically, on daily charts, the index has formed a bullish candle, and on intraday charts, it is holding an uptrend continuation formation, which is largely positive.

Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We believe that 84,500 would act as a key support zone for day traders.

Above this level, the index could move up to 85,200. Further upside may also continue, potentially lifting the index up to 85,500-85,700. “On the flip side, below 84,500, the uptrend would become vulnerable.”

STOCK PICKS

HUDCO | TRADE – BUY | CMP: Rs239.14 | SL: Rs228 | TARGETs: Rs250-Rs260

HUDCO is trading in a steady uptrend, holding above its short-term moving averages. The stock has formed a series of higher lows, signalling sustained accumulation. Momentum indicators are stable, and RSI remains in a bullish zone. A move above Rs242 may strengthen momentum toward Rs250 and Rs260. Keep a stop-loss at Rs228.

Siemens | TRADE – BUY | CMP: Rs3,232.60 | SL: Rs3,150 | TARGETs: Rs3,350-Rs3,420

Siemens continues to trade near its upper channel, reflecting strong underlying trend strength. Price action shows firm support around Rs3,150 and consistent demand on dips. RSI is trending upward, indicating positive momentum. A breakout above Rs3,260 can push the stock toward Rs3,350 and Rs3,420. Stop-loss is placed at Rs3,150.

(Source: Riyank Arora Technical Analyst at Mehta Equities)