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Markets still in positive mode

74,100 would act as a trend decider level,above which it could move up till 73800-74000. However, below 74,100, the market could retest the level of 73800-73600.

Markets still in positive mode
X

Mumbai: Investors placed more bullish bets on the monthly F&O expiry day, which saw benchmark indices rally for the fifth straight session led by gains in frontline banking and metal stocks. Even the fall in other Asian and European indices and US Dow Futures witnessing a sharp fall too didn’t deter local investors.

“FIIs fund outflows have been a concern area, but India’s strong growth prospects and hopes of a majority win for the ruling party in the upcoming elections has been drawing a lot of domestic investors to take exposure to equities,” says Prashanth Tapse, senior V-P (research), Mehta Equities Ltd.

On the last day of Monthly F&O series, the benchmark indices witnessed a strong uptrend rally. BSE Sensex was up by 487 points. Among sectors, almost all the major sectoral indices were traded in the positive territory, but PSU Bank index outperformed, rallied 3.7 per cent. Technically, after a muted opening, the Sensex successfully cleared the short-term resistance of 74,100 and post breakout it intensified the positive momentum. It also formed long bullish candle on daily charts, which supports further uptrend from the current levels.

Shrikant Chouhan, head (equity research), Kotak Securities, said: “For the trend following traders, now, the 74,100 would act as a trend decider level. As long as the index is trading above the same, the breakout formation is likely to continue.”

Above the same, it could move up till 73,800-74,000. However, below 74,100 level, the sentiment could change. Below which, the market could retest the level of 73,800-73,600.

CMP (Current Market Price); SL (Stop Loss)/ All prices in Rs

Stock Picks

MCX

CMP: 4,160 | SL: 4,050 | Target: 4,400

The stock has given a strong breakout above its all-time high mark of 4,072.60 on both its daily and weekly charts. With the price closing strongly accompanied by a significant increase in volumes, where daily volumes surged to nearly 4 times its average (30) days volume, the stock looks all set for an upside move towards potential targets of 4,400 and above with a set stop-loss of 4,050.

SBIN

CMP: 812.70 | SL: 790 | Target: 850

The stock has given a strong breakout above its all-time high mark of 792.80 on its daily charts, showing strong signs of momentum and strength. With the RSI (14) on daily charts around 70, momentum pickup looks strong for the stock, and a minor uptick in volumes also indicates overall positive signs for the stock. With a set stop-loss at 790, we can anticipate potential targets of 850 and above for the stock.

Kumud Das

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