Market is largely positive
85,300 and 85,000 are key support zones, while 85,700 is the immediate resistance, above which it could rise up to 86,000-86,200
Market is largely positive
Mumbai: The benchmark indices witnessed a promising rally. The Sensex was up by 638 points. Among sectors, almost all the major sectoral indices traded in positive territory, but the Defence index outperformed today, rallying over 3 per cent.
Technically, after a gap-up open, the market maintained positive momentum throughout the day. On daily charts, it has formed a long bullish candle and closed above the 20-day SMA (Simple Moving Average), which is largely positive. Shrikant Chouhan, Head - Equity Research, Kotak Securities, said: “We are of the view that the short-term market texture is bullish, but buy on intraday dips and sell on rallies would be the ideal strategy for day traders.
“On the downside, 85,300 and 85,000 would act as key support zones, while 85,700 would serve as an immediate resistance zone for the bulls. A successful breakout above 85,700 could push the market towards 86,000-86,200. However, below 85,000, the uptrend would become vulnerable.”
STOCK PICKS
Angel One | TRADE-BUY | CMP: Rs2,595 | SL: Rs2,400 | TARGETs: Rs2,900-Rs3,000
Angel One maintains a strong upward trajectory, supported by a series of bullish candles on the daily chart. A sustained move above the current zone could propel the stock toward Rs2,900–Rs3,000. The Rs2,400 support level remains crucial for trend continuation, making it a reliable buy-on-dips candidate.
(Source: Riyank Arora, technical analyst at Mehta Equities)
