Market May Weaken Temporary From Current Levels
Below 80,500, the market could retest the levels of 79,300 to 79,000. A dismissal of the 80,500 could make the market could move up to 81,000-81,300
Market May Weaken Temporary From Current Levels
Mumbai: On Wednesday, the benchmark indices witnessed a profit booking at higher levels. BSE Sensex was down by 46 points. Among sectors, Capital Market, PSU Bank, Media, and Defence indices corrected sharply, shedding over two per cent, whereas the Reality index gained 1.21 per cent. Technically, the market is consistently facing selling pressure near the 80,500 resistance zone, and it also formed a Double Top pattern on intraday charts, which supports temporary weakness from the current levels.
Shrikant Chouhan, head (equity research), Kotak Securities, said: “We believe that as long as the market trades below 80,500, the weak sentiment is likely to continue.” On the downside, the market could retest the 79,300 level. Further downward movement may also continue, potentially dragging the index to 79,000. On the flip side, a dismissal of the 80,500 level could change the sentiment. Above this level, the market could move up to 81,000-81,300.
STOCK PICKS
Maruti Suzuki | TRADE-BUY | CMP: Rs12,257 | SL: Rs12,000 | TARGETs: Rs12,600–Rs12,850
Maruti is showing strong upward momentum after recently bouncing from the Rs12,000 support zone. The stock has been forming higher lows and is now approaching a short-term breakout level around Rs12,300. A close above this level can push the price quickly toward Rs12,600 and Rs12,850. The trend remains positive with buying seen on dips, and the stock is trading well above key moving averages. Traders can consider fresh buying near current levels with a stop loss at Rs12,000.
Apollo Tyres | TRADE-BUY | CMP: Rs472 | SL: Rs458 | TARGETs: Rs485–Rs495
Apollo Tyres has shown good recovery from recent lows and is now holding strong above the Rs460 mark. The stock is trending upward and attempting to break past short-term resistance near Rs475. If the breakout sustains, it can move toward Rs485 and eventually Rs495. The chart structure looks positive, and buying interest is building up gradually. Traders can look to buy at current levels or on small declines, with a stop loss placed at Rs458.
(Source: Riyank Arora, technical analyst at Mehta Equities)
