Market Stays Largely Positive
The 80,900 and 80,500 would be the key support zones for short term traders, while 82,300 would be immediate resistance zone
Market Stays Largely Positive
Mumbai: In the last session of the week, the benchmark indices witnessed a volatile activity, after a roller-coaster momentum. BSE Sensex was down by 609 points. Among sectors, Reality and Defence indices outperformed. Reality gained 2.5 per cent, Defence 1.6 per cent whereas Auto and Tourism indices shed over 1.5 per cent.
During the week, market corrected sharply, but after a long correction on last Friday it bounced back sharply. Technically, on daily charts, the market has formed promising reversal formation and currently it is comfortably trading above 20-Day SMA (Short Term Moving Average), which is largely positive.
Amol Athawale of Kotak Securities, said: “We are of the view that the 80,900 and 80,500 would be the key support zones for the short term traders, while 82,300 would be the immediate resistance zone for the bulls.” A successful breakout above 82,300 could push market up to 82,700-83,600. On the other side, below 80,500 the sentiment could change. Below the same, market could slip till 80,300.
STOCK PICKS
RITES | TRADE-BUY | CMP: Rs275 | SL: Rs260 | TARGETs: Rs300–Rs325
RITES is showing strong bullish momentum after forming a solid base near Rs260. The stock has recently gained strength and is now trading above key support levels. A sustained move above Rs275 can trigger a rally toward Rs300 and then Rs325 in the short term. Price action shows consistent higher lows, indicating buyer dominance. Traders can consider entering at current levels or on small dips, with a stop loss at Rs260 to manage risk.
Laurus Labs | TRADE-BUY | CMP: Rs595 | SL: Rs570 | TARGETs: Rs620–Rs650
Laurus Labs has been consolidating in a range and is now showing early signs of an upward breakout. The stock is trading above its short-term support of Rs570 and gaining strength with improving volumes. If it sustains above Rs595, it could move toward Rs620 and Rs650. The chart structure looks favorable, and dips near Rs580–Rs585 could offer a good entry point. A stop loss at Rs570 is recommended to protect downside.
(Source: Riyank Arora, technical analyst at Mehta Equities)
