Market remains largely positive
Key support zones at 82,200 and 81,800, while 82,800-83,000 could serve as key resistance levels. Below 81,800, the uptrend would become vulnerable
image for illustrative purpose
Mumbai: On Thursday, the benchmark indices witnessed a stellar rally. BSE Sensex was up by 1,200 points. Among sectors, all major sectoral indices traded in positive territory, but the Defence index outperformed, rallying 2.62 per cent.
Technically, after an early morning intraday selloff, the market took support near 80,800 and bounced back sharply. Additionally, it successfully cleared the 82,500 mark and managed to close above it, which is largely positive.
Shrikant Chouhan, head (equity research), said: “From the day’s lowest point, the market rallied over 1900 points.”
Moreover, there is a bullish candle on the daily charts and an uptrend continuation formation on the intraday charts, indicating a further uptrend from the current levels.
He added: “We believe that the market’s outlook remains positive but buying on intraday corrections and selling on rallies would be the ideal strategy for day traders. On the downside, 82,200 and 81,800 would act as key support zones, while 82,800-83,000 could serve as key resistance levels for the bulls. However, below 81,800, the uptrend would become vulnerable.”
Shrikant Chouhan, head (equity research), said: “From the day’s lowest point, the market rallied over 1,900 points.”
Prashanth Tapse, senior V-P (research), Mehta Equities, said: “While benchmark indices gyrated sharply in early trades, it quickly regained the lost momentum and rallied sharply thereafter on all-around buying support despite pessimism in European and other Asian bourses.”
With Indo-Pak tensions on the mend currently and hopes of a favourable tariff policy between the US and the two Asian giants (India & China) expected in the near term, equity markets could see some traction, although bouts of intra-day volatility risk remains high.
STOCK PICKS
HFCL | TRADE-BUY | CMP: Rs90 | SL: Rs86 | TARGETs: Rs95–Rs98
HFCL has been gaining momentum after holding firm support near Rs86. The stock is now approaching a potential breakout zone above Rs91, and if it sustains above this level, it could see a quick up-move toward Rs95 and Rs98. Buying interest is visible, and the stock is forming a higher base, indicating strength. Traders can consider buying at current levels or on small dips, with a stop loss at Rs86 for a good risk-reward setup.
Jindal Steel | TRADE-BUY | CMP: Rs968 | SL: Rs940 | TARGETs: Rs1,010–Rs1,030
Jindal Steel is trading with strong momentum and has been forming a bullish structure after bouncing from support near Rs940. The stock is holding above key moving averages and looks poised for further upside if it crosses Rs975 decisively. A move above this zone can open the path toward Rs1,010 and Rs1,030. The trend remains positive, and traders can look to buy at current levels with a stop loss at Rs940 to manage risk.
(Source: Riyank Arora, technical analyst at Mehta Equities)
