Markets Remain Largely Positive

Mumbai: In the last session of the week, the benchmark indices continued their positive momentum. The Sensex was up by 1300 points. Among sectors, the Defence index outperformed, rallying over 6 per cent, whereas the Media index shed 1.70 per cent. During the week, the market comfortably traded above the 200-day SMA (Simple Moving Average). Technically, it has formed a bullish candle on weekly charts and is also holding an uptrend continuation formation on daily charts, which is largely positive.

We are of the view that 79,900 would act as a sacrosanct support zone for trend-following traders, he said. Above this level, the market could continue its positive momentum up to 81,000-81,700 . On the flip side, below 79,900, the uptrend would become vulnerable. Falling below this level, the chances of hitting the 200-day SMA or 79,500 would increase.

Further downside may also continue, potentially dragging the index down to 79,000” says Amol Athawale of Kotak Securities.Further downside may also continue, potentially dragging the index down to 79,000.

For Bank Nifty, a lower top formation has formed on daily and intraday charts. For traders, 55,800 would be the immediate breakout level. Above this, it could move up to 56,100–56,500. However, a dismissal of 54,700 could accelerate selling pressure. Below this level, it could slip to 54,000–53,700.

“Further downside may also continue, potentially dragging the index down to 79,000” says Amol Athawale of Kotak Securities.

STOCK PICKS

State Bank of India (SBIN) | TRADE-BUY | CMP: Rs800 | SL: Rs760 | TARGET: Rs880

SBIN has taken strong support near Rs760 and is now showing signs of a fresh uptrend. The stock has recovered steadily and is trading above key levels, indicating strong buyer interest. If it sustains above Rs800, it can see a sharp move toward Rs880 in the near term. The overall chart pattern is positive, and any small dips toward Rs790–Rs795 can be used as a buying opportunity. Traders are advised to keep a stop loss at Rs760 to manage risk.

Maruti Suzuki | TRADE-BUY | CMP: Rs12,406 | SL: Rs12,000 | TARGET: Rs13,000

Maruti is showing strong bullish momentum after consolidating around the Rs12,000 mark. The stock is gradually moving higher and gaining strength with each session. A sustained move above Rs12,450 can open the door for a rally toward Rs13,000. The price structure suggests buyers are in control, and short-term sentiment remains positive. Traders can consider buying now or on minor declines, with a stop loss at Rs12,000 for safety.

(Source: Riyank Arora, technical analyst at Mehta Equities)